Raiffeisen Bank issued the first digital mortgage loan in Russia using blockchain
24.09.2018
This technological innovation provides blockchain use in daily banking practice and a possibility to adjust the approach in relation to interbank cooperation as well as clients applying for a mortgage loan.
Raiffeisen Bank replaced paper mortgage on the digital one, which is recorded within the distributed ledger system. The mission of Raiffeisen Bank in this pilot project was to review the business process concerning digital mortgage issuing and to consider the potential legislative amendments needed for transition to decentralized depository system (DDS).
Customers, banks and market in general will benefit from the implementation of this system, owning to the reduction of operational costs, duration of mortgage loan transfer alongside with the improved credit record of a debtor. Consequently, clients don’t have to apply for paper mortgage loan any longer .
«Raiffeisen Bank appreciated the advantages of decentralized depository system, developed by Fintech Association on the Masterchain platform. We are thankful to the bank team for their interest in innovative solutions and proactive approach», - said Tatiana Zharkova, Managing Director of FinTech Association
Original source: Raiffeisen Bank
ID: 6164
Raiffeisen Bank issued the first digital mortgage loan in Russia using blockchain
Raiffeisen Bank issued the first electronic mortgage loan in Russia using local decentralized depository system (DDS) via blockchain platform Masterchain, developed by FinTech Association in partnership with the Central Bank of the Russian Federation and other leading financial institutions.This technological innovation provides blockchain use in daily banking practice and a possibility to adjust the approach in relation to interbank cooperation as well as clients applying for a mortgage loan.
Raiffeisen Bank replaced paper mortgage on the digital one, which is recorded within the distributed ledger system. The mission of Raiffeisen Bank in this pilot project was to review the business process concerning digital mortgage issuing and to consider the potential legislative amendments needed for transition to decentralized depository system (DDS).
Customers, banks and market in general will benefit from the implementation of this system, owning to the reduction of operational costs, duration of mortgage loan transfer alongside with the improved credit record of a debtor. Consequently, clients don’t have to apply for paper mortgage loan any longer .
«Raiffeisen Bank appreciated the advantages of decentralized depository system, developed by Fintech Association on the Masterchain platform. We are thankful to the bank team for their interest in innovative solutions and proactive approach», - said Tatiana Zharkova, Managing Director of FinTech Association
Original source: Raiffeisen Bank
ID: 6164