Corporate customers to buy airline tickets instantly with tokens for the first time in Russia
Thanks to the S7 Airlines solution that has been made available on the Sberbank blockchain platform, airline ticket agents that have Sberbank accounts will be able to handle payments with airlines instantly through smart contracts. Mutual settlements will be token-enabled, with the solution being the first of a kind in Russia.
Previously, an agent had to use bank guarantees and advances to buy airline tickets, which required additional costs, distracted personnel, and took much time. Blockchain automates the entire settlement chain, with money from the agent’s account being tokenized and wired to the airline according to the algorithm outlined in the smart contract.
In the settlement scheme, Sberbank will act as the owner of the tokenization platform and guarantee the necessary amount of money is available in the customer’s settlement account. Part of the IT infrastructure of the joint solution that Sberbank is responsible for will be hosted on SberCloud.
Anatoly Popov, Deputy Chairman of the Executive Board, Sberbank:
“The innovative DNA of S7 Airlines and our long-standing partnership have enabled us to market a service that is way ahead of other currently available solutions functionality-wise. The Sberbank–S7 Airlines project is unique because for the first time in Russia blockchain settlements will utilize tokens secured by funds in a customer account. The use of a virtual currency has positioned Sberbank to remove several technical issues and create a universal tokenization platform, with the issuance of tokens being only one of the many available options. That being said, the ‘conversion’ is pretty much of technical nature and can run seamlessly and unnoticeably for the user.”
Nikolay Mukhanov, CEO, S7 TechLab:
“The joint project with Sberbank, which my co-workers and I have been putting a lot of work into for a long time, shows the flexibility of the S7 Airlines blockchain solution. We’ve also secured a connection to Fintech API, the bank’s in-house product already in place, on top of the integration with the Sberbank blockchain platform. I am sure that the partnership with Sberbank will enable us to get more partners working with S7 Airlines via blockchain, including those in other commercial industries.”