Sberbank sees no risks in the implementation of a blockchain in banking sector

International rating Agency Moody’s published a report on the possible impact of the blockchain on the global banking system. In particular, it States that the introduction of technology in banking sector can bring to credit institutions losses due to rejection of levying fees for banking transactions.

«Despite the fact that reducing the cost and increasing the speed of conducting international transactions can be a positive factor for the creditworthiness of banks, reducing their fees and commissions may adversely affect their creditworthiness,» said group managing Director, senior credit expert at Moody’s for Europe, Middle East and Africa Colin Ellis.

According to experts Moody’s, this situation may be less favourable for Swiss banks, more than 50% of whose income consists of fee and one-time payments, as well as Italian, canadian and Israeli financial institutions with a share of Commission income of around 35%.

«The introduction and use of the blockchain technologically unsafe for banks with a significant share of international operations, in particular, for financial institutions in the UK, Belgium and Switzerland. The technology of distributed registries can cause big disruptions to operations,» say analysts at Moody’s.

After reviewing the report, Moody’s, representatives of the Russian Sberbank announced that they do not see the risks of using the technology of the blockchain in banking operations.

«We do not see risks in the use of the blockchain with the correct and appropriate use of this technology, taking into account the norms of the legislation and security requirements», – is spoken in the message of press-service financial institution.

 

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