Russia’s Alpha Bank to Record Customer IDs on Blockchain

News and Analysis

One of Russia’s biggest banks, Alpha Bank, has introduced a mobile app Potok that allows recording online interviews while applying for a loan. The app was created in cooperation with BlockNotary, a blockchain startup developing tools to solve problems related to compliance with KYC and AML requirements.

“We’ve made a pilot for Finopolis 2016, and Alpha Bank was showcasing it. After that, the pilot extended, and we issued branded apps for iOS and Android for the Potok project. The project commenced in early October this year. November 17, we issued a branded app for interviews with blockchain notarization,” BlockNotary CEO Igor Barinov said.

It is claimed a major European bank is going to implement the solution soon.

BlockNotary also helps identify merchants wishing to install PoS terminals at sale points. Earlier companies had to hold a face-to-face interview with each customer and use several verification levels.

Thanks to the new solution the interviews are held online, which substantially accelerates the identification process and reduces risks of PoS terminals misuse.

“Once BlockNotary is integrated, a merchant only has to undergo a short online interview resulting in generation of a hash video. The resulting hash is recorded on blockchain, and the service has an immutable proof of the customers’ intents, as well as their IDs provided during the interview. In case the identified customer is suspected of misconduct, the video may be used for the purposes of investigation,” the project’s official blog post reads.

BlockNotary was founded by developer and entrepreneur Igor Barinov in 2015. In March 2016, it has become one of the startups invited to the major fintech accelerator Plug and Play for a three-months mentorship.

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