The largest bank of the Russian Federation, Central and Eastern Europe, Sberbank of Russia, concluded a deal with Singapore-based company Trafigura PTE Ltd through a blockchain. As part of the deal, Sberbank bought the receivables from a large Turkish customer from Trafigura. The companies also agreed on the terms of financing and carried out the calculation with the status display online.
“We made the first transaction through a blockchain with Trafigura, the leader in the international commodity market, and we plan to develop this technology in the future,” said Alexander Vedyakhin, First Deputy Chairman of the Board of Sberbank, on the sidelines of the Eastern Economic Forum.
Using the blockchain allowed us to reduce operational risks, the period for coordinating documents and the labor costs of the parties to complete the transaction, the first deputy chairman of the board of Sberbank noted.
“In our“ pilot ”, the blockchain records every step of the transaction: a request for the repayment of a debt, consideration of an application at a bank, sending an offer from a bank, confirmation of conditions from Trafigura, conclusion of a transaction. As a result, the process is reduced from one day to an hour. I believe that such transactions using blockchain technology are an ideal solution for a business that makes transactions with a large number of participants, ”Vedyakhin added.
The press service of Sberbank said that the bank plans to develop this technology, which will optimize business processes and significantly increase the efficiency of workflow, is also considering expanding the list of partners for using blockchain.
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