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Raiffeisenbank became the first bank to issue an electronic mortgage bond based on «Masterchain», informs «Kommersant». Automation will reduce operating costs by 80%.
The process begins with the entry of data by the client in electronic form. Further, the application is certified with an enhanced EDS and supplemented with other necessary documents (also signed). Then the package is sent to Rosreestr in xml format, where it is registered and returned to the bank. Then the information is transferred to the blockchain, where a mortgage token is formed on its basis, containing basic data and a description of the powers of depositories. However, it will be possible to use the technology on a federal scale only after the full transition of Rosreestr to the blockchain..
According to the management of Raiffeisenbank, the use of a decentralized depository system for e-mortgages will reduce operating costs by 80%. With the further spread of technology, banks will be able to create a unified format for documentation, which will greatly simplify the process of its transfer. Two more Russian banks are expected to launch similar systems by the end of the year.
More and more large financial institutions are launching their own products on the blockchain. So last week, the fourth largest financial company in the world, Fidelity Investments, announced the development of cryptocurrency-related products and plans to launch them by the end of 2018, and Morgan Stanley plans to trade bitcoin-pegged swaps..
text: Sid Nietzsche, photo: top10v