The Transformation of Traditional Banking Activity in Digital
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4. Blockchain technologies (platforms) for trade financing – factoring operations, non-
cash payments by letters of credit.
5. Blockchain technologies (platforms) for the exchange of interbank messages at the
domestic and international level.
6.
Bill transactions between banks. Electronic bills are issued in the form of smart
contracts. In the system there can be implemented operations of sale of bills, transfer,
acceptance, discounting. Potential users are Central Bank, stock exchanges,
commercial banks and other organizations involved into bill transactions.
7. Application of blockchain technologies for clearing and calculations according to
the T+0 standard.
The digitalization has a great potential, but it is associated with new risks and threats
that still require awareness. However, on the other hand, financial technologies are
risk management tools in banks (for example, big data can be used to minimize credit
risk, in internal audit, control, ML/TF, etc.). A limiting factor in the development of
the digitalization of the banking sector in Russia is a relatively small amount of
investment in FinTech.
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