Within the framework of the project, the first integration of the PROLUM blockchain platform and Raiffeisenbank in Russia was carried out. This allowed the supplier of the Petroleum Trading platform to fully automate the process of interacting with hundreds of counterparties from entering into transactions to executing and tracking settlements on them.The project was carried out in two stages. At the first stage, the integration of blockchain platforms allowed Petroleum Trading to speed up the shipment of goods purchased on prepayment, as well as automatically close accounts receivable. The bank then automated the settlement process with counterparties in other banks. The solution allowed Petroleum Trading to reduce the minimum payment time from the moment of the transaction from a few hours to minutes.
"The transition to automated work with payment requirements based on blockchain solutions opens up huge prospects for the development of existing commodity-money relations between companies. Never before have B2B payments been so fast and convenient! Customers only need to confirm the payment of the claim in their client bank in one click. In the future, we plan to switch to non-acceptance write-offs — this will reduce the risks for us, and therefore the price for customers. In addition, it will be possible to reduce costs for the entire supply chain, " said Maxim Dyachenko, Managing Partner of Petroleum Trading.