On May 31st, the Moscow arm of Raiffeisen Bank announced its creation of a blockchain based platform for fast settlements. Developed with Russian furniture corporation Askona Life Group, the platform automates processes, such as tedious back-office procedures and intercompany payments.
Better known internationally as RBI, Austrian based Raiffeisen Bank has over 16 million customers, mostly in Central and Eastern Europe. Its client, Askona, runs several factories producing goods spanning the spectrum of raw materials, components and market ready furniture. The group includes bedding supplier Ascona, which boasts 820 stores in Russia and surrounding countries.
Traditional transactions within or between corporations take place over private email, so any third party must be included individually. Every payment involves an instruction to the bank which the company has to do via the bank’s online system. That can get messy when there are several participants involved.
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