Russia is hard on Bitcoin and soft on the blockchain, and now Alfa Bank BaaS platform would be using Waves blockchain.
The business as a service (BaaS) platform was announced; the country’s first, in a press release earlier today. The X5 Retail Group worked with Alfa-Bank to launch a similar liquidity management service for blockchains.
Promoted as a liquidity management service that allows access to easily or readily available cash used to fund short-termed projects or investments.
The Distributed Treasury and Cash Management (DTCM) services based on the BaaS model, would allow the bank’s customers to make use of services such as deposits, loans, manage payments and use the liquidity pool.
Alfa Bank BaaS platform model
Differentiating between the DTCM service and various other services accessible to users the bank reveals further details. Denis Dodon, the Director of Alfa Bank’s Center for Innovations Research and Development, stated that the bank’s services ensure the creation of an “actual bank”.
He furthers that by setting up a defined business logic for products. And this service, bridging the BaaS model, serves as a convenient facility for the bank’s clients.
It is to be noted that the clients of the BaaS are allowed to customize this service.
Benefits of the DTCM
The Waves Enterprise Blockchain Platform hosts the DTCM which is capable of employing smart contracts.
The CFO of X5 Retail Group Svetlana Demyashkevich shared that this joint venture for Alfa Bank BaaS platform sets a new benchmark for interactions between banks. She said that this allows them to have improved data management, lower risks and costs, and a unified application for their treasury.
She also added that the group has intentions of extending the uses of distributed ledger technology (DLT) for the optimization of processes and that this technology will also be used for interactions such as payments and optimized collaboration with various insurance companies.
It is also reported that a Spanish Bank, Banco Santander has issued the first end to end Blockchain bond.