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28
September2017
Russian banking software will work on blockchain

Russian banking software will work on blockchain

The Russian service for transfer of financial messages will change its working principle: the developers promise that the new version will use the blockchain technology. It will increase the speed of transactions and make the product more attractive for users.

An analogue of the service for transfer of financial messages is the Belgian system for the exchange of banking information SWIFT. It is used by 54% of Russian banks. Such a bias towards the European product appeared because it has entered the market earlier and provides a possibility to make international transactions. But the Russian service for transfer of financial messages has more attractive price (free connection, no service fee, transaction price is lower), and the speed of message transfer after the transition to blockchain system will increase significantly. The developer also plans to increase the level of protection of the service.

The Russian service for transfer of financial messages is beneficial for small regional banks that operate only on the domestic market. For large operators that already use SWIFT, switching to another system is unviable due to additional costs and inability to make international transactions. But many of them have connected Russian service for transfer of financial messages as a backup option in case of SWIFT disconnection (reports on such a possibility appeared in connection with sanctions toward Russia).

It is assumed that the new version of the Russian financial message service will use the Ethereum platform or its analogs.

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