29 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Russian banks create blockchain consortium

06 July 2016  |  8976 views  |  0 Moscow skyline

A group of Russian banks have banded together to create a national blockchain consortium to rival the international R3CEV collective.

QIWI Group, Accenture, BINBANK, MDM Bank, Bank Otkritie, and Tinkoff Bank expressed their intention to join the ranks of the new blockchain coaltion on the sidelines of the XXV International Financial Congress in St. Petersburg.

Tinkoff Bank says consortium members will be engaged in joint development and testing of prototypes, information sharing and standardisation along international lines.

Creating and testing the first prototypes are scheduled to begin later this year.

Alexey Blagirev, Bank Otkritie director of innovations, says: "Collaboration with major players in the banking sector and the participation of the regulator will allow us to create and test new approaches, such as joint settlements, simplifying the customer identification procedures."

Elsewhere at the conference, Bank of Russia governor Elvira Nabiullina outlined plan to create a new information sharing platform, "akin to a corporate university", for the exchange of news and views on fintech trends and disruptive technologies.

"The banking business is undergoing a rapid new technology-caused transformation as we see the emergence of new areas in the banking business," she says. "Therefore, undoubtedly, both the regulator and the bank community need to be abreast of all recent trends and best business practices. My hope is that the bank community will assist us in developing the agenda for this platform."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

R3 consortium gets first Chinese member

R3 consortium gets first Chinese member

24 May 2016  |  4619 views  |  0 comments | 8 tweets | 6 linkedin
Putin adviser calls bitcoin a virus

Putin adviser calls bitcoin a virus

31 March 2016  |  10137 views  |  0 comments | 9 tweets | 10 linkedin
R3 and 40 banks run parallel trials of five different blockchains

R3 and 40 banks run parallel trials of five different blockchains

03 March 2016  |  9436 views  |  0 comments | 24 tweets | 50 linkedin
Russian central bank issues new payment cards to take on Visa and MasterCard

Russian central bank issues new payment cards to take on Visa and MasterCard

18 December 2015  |  14734 views  |  4 comments | 26 tweets | 29 linkedin
Visa and Qiwi combine for Russian mobile payments roll out

Visa and Qiwi combine for Russian mobile payments roll out

18 August 2015  |  8727 views  |  1 comments | 7 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.www.fisglobal.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.niceactimize.com

Top topics

Most viewed Most shared
HSBC hires Biggs to lead business model innovationHSBC hires Biggs to lead business model in...
9804 views comments | 16 tweets | 18 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
9269 views comments | 10 tweets | 6 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7873 views comments | 6 tweets | 6 linkedin
Body blow for PayKey as Apple orders Westpac off its turfBody blow for PayKey as Apple orders Westp...
7443 views comments | 12 tweets | 14 linkedin
BBVA trains 1000 'ambassadors of design'BBVA trains 1000 'ambassadors of design'
6997 views comments | 15 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job