Russian subsidiary of Austria’s Raiffeisen Bank International has developed a corporate Blockchain platform

Raiffeisenbank, a Russian subsidiary of Austria’s Raiffeisen Bank International (RBI), has developed a corporate blockchain platform, the bank announced in a press release on May 31.

Targeting holding firms, the new blockchain platform claims to automate settlements by corporate clients and enable a trusted network for sharing data between a group of companies, the press release notes. Specifically, the product reportedly automates the process of supply settlements between buyers and suppliers, as well as providing tools for financial management.

While the product was reportedly developed by Raiffeisenbank at the request of major local sleep products manufacturer Askona Life Group, the new blockchain platform is available for the bank’s other corporate clients.

Evgeniy Kirillov, investment manager at Askona Life Group, claimed that Raiffeisenbank’s blockchain product allowed the company to reduce labor costs by more than 40%, as well as to reduce human error risks to zero.

Also read: SBI Ripple Asia is launching a store settlement service affiliated with SBI Holdings and Ripple’s jointly developed consumer-focused XRP-powered payments app MoneyTap

Source: https://cointelegraph.com/news/russia-raiffeisen-bank-introduces-blockchain-platform-for-corporate-settlements