Through the partnership, HashCash will create a payment router and clearing house where all transactions are sent to Alfa-Bank on the blockchain. Alfa-Bank will clear transactions, forward them to the receiving bank in real-time, and log supporting documents. The transfers will operate on the Open Source Blockchain, HC NET, which uses fiat currencies for settlement.
Raj Chowdhury, Managing Director of HashCash Consultants said that the implementation “creates a clearing house solution that combines the liquidity efficiency of a netting system and the intra-day finality of a real time gross settlement system.” He added, “The result is a safe, secure, reliable, fast and final payment system for all transacting parties.”
This isn’t Alfa-Bank’s first foray into the blockchain. Last year, the bank partnered with S7 Airlines for blockchain-based ticket payments. It also collaborated with Sberbank on Russia’s first Blockchain Payment.
At FinovateFall 2015, Alfa-Bank debuted Sense, a predictive marketing solutions product for financial institutions.