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First monetary transactions between the largest credit institutions on the Central Bank’s Masterchain

банк россии

In the Russian Federation has been successfully performed first monetary transactions between the largest credit institutions on the Central Bank’s Masterchain.

 Funding translations have been performed using the prototype, which is a service, whose purpose is to change info about clients of various banking institutions. As the basis for Masterchain was utilized Efirium system.


The Russian regulator together with the rest of fin market continues the active actions, aimed at  research and improving innovative technologies at the State Treasury market. In the course of this study, the prototype was created earlier for the transmission of financial info based on distributed technology registers.


Follow-up action in this direction was the creation of the innovative prototype that has called Masterchain.


The innovative technology acts as a tool with which market participants can interact. As a basis for its creation was used the distributed registries technology.


It provides the ability very quickly specify relevant info about a customer or an agreement, as well as create a variety of financial services.


Through such features, financial market participants will be able to provide to its customers  new and unique products and services. In addition, Masterchain makes it possible to significantly increase the speed of data exchange between the parties and ensure the necessary degree of confidence during the conclusion of  agreements.


The development of new prototypes, as well as a common study of conditions of their applying, provide an opportunity for fin market participants and the Central Bank to determine the potential level, assess the possible potential, reduce the risk of utilizing a variety of technologies, and to learn how to proceed.


The prototype allowed creating a platform that meets the interests of fin market participants, based on which it will be possible to develop new products and services in the future. During the creating of this platform were attended by the largest credit institutions and financial systems. The work was controlled by the Central Bank.


Head of the cryptocurrency department of the financial institution Qiwi, Alexey Arkhipov said that Masterchain, speaking in the role of ecosystems and gives the opportunity to link all forces of the participants of Blockchain technology study, providing the opportunity to connect and create  smart-contracts in the environment, common to all financial institutions.


Blagirev Alexey, who is the head of the innovative department of  the credit organization “Opening”, told that the essence of the prototype is to create a new way of interaction between financial institutions for the timely receipt data helping to clarify info about a client.


The participation one of the largest banking institutions – Sberbank – in the exchange of transactions in the framework of the new prototype of distributed financial system, created by the regulator, based on Blockchain technology is a very important step in a series of actions aimed at creating the innovation infrastructure.


This event has become a landmark for banking institutions, reporting about a relatively high level of competitiveness, credit institutions are trying to make their system more transparent, to improve the customer’s confidence level.