Alfa-Bank’s B2B service for work with self-employed in partnership with APIBank and Waves…

Alfa-Bank has implemented a comprehensive solution for automating work with self-employed based on blockchain technologies, thanks to which the service has no analogs on the market.

The project is implemented in partnership with the open banking platform APIBank, designed to create digital ecosystems and interact with banks, digital businesses, and other companies.

Waves Enterprise blockchain technologies ensure system components’ interaction, creating a secure data exchange contour between the bank and the business and further storing this data in an immutable form.

The Alfa-Bank service combines the bank’s payment system with the tax service and two new apps: the Alfa.Corporate web application for companies and the mobile app “My income” for individuals, which enables counterparties to fully cover business processes of registration of the self-employed and payments for their services, including:

  • Registration of individuals as self-employed
  • Payments to performers with advanced automatic verification of self-employed status
  • Registration of self-employed income in the tax service and receipt of checks
  • Paying taxes for the self-employed
  • Cancelation of checks in case of a refund

One of the service’s special features is that remuneration for self-employed people can be paid to any banks using their card or account details. This is convenient for both the company and the individual who is not required to visit a bank.

“We have created a fully automated digital experience of interaction between the self-employed and the bank. The main service, which embraces the corporate client’s entire business process, has a seamlessly integrated feature allowing the transfer of payments to any worker’s card or account Hence, Alfa-Bank has applied the

Bank-as-a-Service (BaaS) concept. The flexible architecture of the service enables its development and adjustment to changes in the tax regime and needs of both corporate clients and the self-employed,” Alfa-Bank Innovation Center Director Denis Dodon said in his comments.

“Based on Alfa-Bank’s IT infrastructure, we have created standardized APIs and convenient universal interfaces. The solution is designed so that the bank’s corporate clients — not only large but also medium and small businesses will be able to integrate the new service into their products for the self-employed,” commented Nadezhda Avdanina, Executive Director of the APIBank platform.

“The blockchain technology has provided a swift and secure connectivity layer between Alfa-Bank and corporate clients. Additionally, it allows to expand the service’s target audience through the easy connection of taxi aggregators, tutors, cleaning and repair services, as well as many others,” said Waves Enterprise Chief Commercial Officer Igor Kuzmichev.