Alfa-Bank, in partnership with X5 Retail Group, has launched a customized service, Distributed Treasury and Cash Management (DTCM), which will allow the bank's corporate customers to manage payments, loan and deposit products and a liquidity pool within the holding. DTCM allows corporations to move to a service model of interaction with the bank (BaaS, Bank-as-a-Service).
“In a large industry business, there are practically no duplicate stories, all customers are special, customization is required everywhere. At the same time, customers are constantly changing, optimizing processes within themselves, ”says Denis Dodon, Director of the Alfa Bank Search and Innovation Development Center. “The key difference between DTCM and other offers on the market is that we give the client not a channel for sending orders to the bank, but a way to independently determine the business logic of the product and actually“ create a bank ”convenient for the client himself.”
Unlike the traditional banking service model, when the client can only transfer orders to the bank, the BaaS model implies taking the business logic of banking products and services out of the bank circuit with the possibility of flexible customization of the solution to the client's needs. DTCM is an application based on the Waves Enterprise Waves Enterprise blockchain platform, and combines a number of breakthrough technologies - open banking, open APIs, distributed registry technology, smart contracts.
“The experience gained together with Alfa Bank and Waves Enterprise defines for us a new milestone in working with banks, when we can get a single treasury application, improve data management, reduce costs and operational risks. We plan to develop the use of distributed ledger technology in a group of companies to optimize processes, and also extend it to other interactions with partners, in particular to the payment function, collection, optimization of interaction with insurance companies, ”says Svetlana Demyashkevich, chief financial officer of X5 Retail Group.
As part of the new service, the client gets access to the virtual workplace of the treasurer with the ability to flexibly manage the settings for managing the pool of companies, limits and positions. Interaction with the bank was carried out using enhanced qualified electronic signatures and smart contracts. In the case of Distributed Treasury and Cash Management, Alfa-Bank actually provides infrastructure services, similar to how the business of global cloud providers is being built.
“The case implemented with Alfa-Bank and X5 Retail Group shows that the banking market and large business are ready to implement innovative blockchain solutions, and this willingness is determined not just by modern trends, but by the desire to get a real business effect by optimizing staff labor costs and reducing transaction costs. The advantages gained from the use of blockchain technologies allow companies to be more competitive and remain leaders in their segments, ”commented Igor Kuzmichev, Waves Enterprise Development Director.
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