Raiffeisenbank has released e-mortgage mortgage on Mastercare
Raiffeisenbank has implemented a transaction to issue an electronic mortgage with a decentralized Depository system (DDS) on Mastercare service CBR to exchange data about customers of different banks on the basis of technology of the blockchain.
“VAT is IT infrastructure, which Depository broadcast instructions to banks-depositors and which performs them,” explained technical developer DDS Yury Kirilichev.
According to the head of the Directorate of information technologies of Raiffeisenbank Andrei Popov, the transaction is carried out at the time of filling a customer of the Bank fields of the electronic form of mortgage that is certified advanced electronic signature, supplemented by other certified documents and is uploaded as a xml file in Rosreestr. Management validates and registers the document, and then channel the SYSTEM sends the file to a Depository storage.
“Node Depository storage retrieves the file and sends it to the file vault. This creates a token with the mortgage crediting to the appropriate securities account”, – he said.
“The use of BDS will reduce the operating costs of the Depositary by almost 80%, since all processes will be fully automated,” – said Anna Zaitseva, CEO “DC Region”, which acted in the transaction in the role of the Depositary account.
According to her, due to the joint involvement of depositaries in the project, the market will agree on a common format and workflow that will facilitate these processes banks to depositors no matter what the Depository for the service they chose.
“Using the technology of the blockchain ensures maximum data integrity on electronic mortgages. The process of registration of the transaction is greatly simplified, time is reduced, and the risks of lack of security are minimized,” – said Popov.
Raiffeisenbank intends to use Mastercam and for other operations with the electronic mortgage, for example, sales. According to representatives of Bank, it will greatly simplify the securitization of such securities, however, this requires connection of Rosreestr to Mastercare.
“Connecting Rosreestr to this network will allow him to have a reliable data transmission channel, which will also quickly get information about debt repayment and, accordingly, to timely pay registration record about the mortgage without further action on the part of the participants. Negotiations on connection of the Federal registration service to the network continue,” explained the Central Bank.