Sberbank, AlfaBank, VTB and others will have united into interbank blockchain system by 2019

Russia is getting ready to the launching of Masterchain - an interbank blockchain platform for private information sharing, needed for enforcement of different payments exchange. Particularly, interbank payments, and verification of borrowers’ credibility.

We managed to find out that the FinTech association is in charge of implementation. This company is the developer of distributed registry project which was established by the leading Russian credit organizations: Sberbank, Alfa-Bank, VTB, and others. Members of the Central Bank of Russia joined the Supervisory board of FinTech as well.

As the initiators believe, there were several reasons for the platform creation: inefficient mediators system which could not ensure the trust of the market, the complexity of audit and management of the risks as well as during financial operations between financial organizations or internal ones, lack of the uniform standard the distributed registry.

Masterchain is to enforce transfers between the banks and underwriting (a procedure of the borrower verification).

Timur Aitov, Russian CCI Sub-committee deputy chair on payment tools and information safety, told this in private interview. Nevertheless, he permitted to refer to the discussion, emphasized that the banks are trying to keep it quiet.

— The Central Bank was one of the first to develop Masterchain, and it is a member of the Supervisory Board of FinTech Association. Masterchain will be launched in January 2019. After the start of this project, all the Russian Banks will join crypto technology. They will not have any chance, - concluded Timur Aitov.

Taking all this information into account, we can assume why Sberbank has bought 3D video cards last November. Anyway, the info will infiltrate to social space (maybe, this post is just the first one in a long row) and we will keep the situation with Russian banks and blockchain.