Home / FinTech / Sberbank and Alfa-Bank make first Russian bank transfer using blockchain technology

Sberbank and Alfa-Bank make first Russian bank transfer using blockchain technology

Sberbank and Alfa-Bank have made the first banking payment transaction in Russia using blockchain technology. On November 28, 2017, Megafon transferred RUB 1 million from an account with Alfa-Bank to an account with Sberbank via a private network created on the basis of Sberbank’s IT infrastructure. To conduct the transfer, Megafon installed the necessary nodes of the block network (three from Sberbank and one from Alfa Bank) as well as a client application. The transaction was completed within minutes, whereas a typical interbank payment can take up to 30 hours.

  • Categories

  • Main topics