Russian private commercial bank Alfa-Bank has collaborated with HashCash Consultants, the creators of blockchain powered payment processing platform, to create a payment network within Russia and neighboring countries.

The collaboration will focus on creating a payment router and clearing house where all transactions are sent to Alfa-Bank on blockchain. The solution will leverage HashCash’s open source blockchain, HC NET.

“The implementation for Alfa-Bank creates a clearing house solution that combines the liquidity efficiency of a netting system and the intra-day finality of a RTGS. The result is a safe, secure, reliable, fast and final payment system for all transacting parties,” said Raj Chowdhury, Managing Director of HashCash Consultants.

Alfa-Bank is one of the founding members of the Central Bank of Russia’s ‘Fintech Association’ initiative announced last year. It has been involved in the blockchain space for quite some time now.

In December 2016, Alfa-Bank collaborated with S7 Airlines and executed a service payment using blockchain technology. It also conducted Russia’s first Blockchain Payment in collaboration with Sberbank.