Alfa-Bank became the first Russian bank to join the CLSNet system developed by IBM using the Hyperledger Fabric corporate blockchain.
According to Vedomosti, Alfa-Bank will act as a market maker for ruble instruments in the automated system for offsetting counter payments based on the CLSNet blockchain. First Abu Dhabi Bank, the largest bank in the United Arab Emirates, also joined the system.
CLSNet supports 120 currencies. Actinver, Bank of America, Bank of China, BNP Paribas, Citibank, Goldman Sachs, Intesa Sanpaolo, JP Morgan and Morgan Stanley and Deutsche Bank have previously joined the system. Settlement giant CLS and IBM launched CLSNet in July 2018.
“We are honored to represent Russia in this high-tech international project. The unique position of a market maker for ruble instruments in the CLSNet system will allow Alfa-Bank to further expand its client base and build up its business on the international market, ”said Andrey Chulak, Deputy Chairman of the Management Board, Director of Corporate and Investment Business of Alfa-Bank in a press release.
CLSNet is a two-way net settlement system in which CLS is not involved in the process. The system allows you to improve the efficiency of operational processes, for example, optimize intraday liquidity, provide real-time awareness of foreign exchange transactions and counterparty risks, and reduce risks.
In December, Alfa-Bank launched a solution for working with self-employed on the Waves Enterprise blockchain, and last fall, the bank joined the trade finance platform on the Contour blockchain.
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