M.Video, Alfa-Bank and Sberbank have created a blockchain consortium According to a representative of M.Video, his company, together with Alfa-Bank and Sberbank Factoring, has formed a consortium to develop blockchain solutions in the financial sector, namely to create systems of factoring operations on the Ethereum blockchain. Writes about this "Kommersant".

M.Video, Alfa-Bank and Sberbank set up a blockchain consortium

According to a representative of M.Video, his company, together with Alfa-Bank and Sberbank Factoring, has formed a consortium for the development of blockchain solutions in the financial sector, namely to create a system of factoring operations on the Ethereum blockchain. About writes this "Kommersant".

Factoring is a complex of operations that allows manufacturers of goods and service providers to work on a deferred payment basis. Given the nature of this activity, it is not surprising that the consortium is composed. It is reported that VTB and Promsvyazbank received offers of participation, which, however, did not express their desire take part in the project at this stage. Ozon.ru is interested in the system, which is ready to connect to it if it helps to optimize costs.

According to Yekaterina Sokolova, financial director of M.Video, the annual turnover of her company in factoring operations is measured in billions of rubles.

"Blockchain application automates the reconciliation of shipping documents and eliminates the risks of fraud and loss of confidentiality, reduces operating costs, increases the speed and convenience of factoring payments, ”she said.

A source close to the project told Kommersant that the transfer of factoring systems to blockchain could allow the company to save up to 200 million rubles per year. It is expected that after the end of the testing of the platform, new participants will be able to join it, including representatives of the retail sector and banks..

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