Alfa-Bank – among the top-tier Russia-based private commercial banks – has reportedly become a member of a major global blockchain trade network, developed by HSBC. 

Specifically, Alfa-Bank is the first bank headquartered in Russia to onboard Contour – a blockchain network built to establish connections among global financial entities, nominally HSBC, ING and Citi.

The platform reportedly enables the tracking feature of trade finance’s e processing and modification for bank clients, as well as bringing down costs associated with operational matters. 

Evgenia Fomina, Alfa-Bank lending directorate’s Director, reportedly remarked that pilot programs based on Contour for the Russian market were reportedly rolled out with a goal to bring up the quality of cross-border transactions. 

“The accession to the Contour platform and launch of the pilot projects on the Russian market will fine-tune the strategy of development of products for transborder transactions. Customer requests become more complex, and we are always seeking to offer the best solutions.”

Previously referred to as “Voltron”, Contour primarily deals with the process of drafting and issuing letters of credit, via utilizing R3’s Corda blockchain. The initiative was reportedly started two years ago, by R3 and eight other international banks, including HSBC, ING, Citi, Bangkok Bank, BNP Paribas, Standard Chartered, SEB and CTBC.

Head of Contour, Carl Wegner, reportedly remarked that Alfa-Bank’s presence in the platform means the project has hit another milestone. 

“Their involvement will continue to build an inclusive network that will improve trade across the globe,”