VTB rolls out blockchain-enabled payments

Tuesday 2 March 2021 11:56 CET | News

VTB Bank has implemented a new method of making online payments by connecting to the blockchain platform, Smart Fuel, provided by Gazpromneft-Aero.

This payment system helps airlines pay for the fuel directly through a financial transaction. To refuel an aircraft, the pilot needs to make a digital request to buy fuel from a tablet. The bank automatically puts a hold of the required sum from the airline's account until the refuelling process is completed. Once the job has been carried out, the funds are transferred to the bank account of Gazpromneft-Aero.

The details of the completed blockchain-enabled transactions are documented and made available to all the participants. Information from the system is synchronised into the airline's electronic logbook as well as into the digital aviation fuel accounting system of the refuelling lorries, making the refuelling and the data exchange process fully automated.

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Keywords: blockchain, online payments, product launch
Categories: Banking & Fintech | Online Payments
Countries: Russian Federation
This article is part of category

Banking & Fintech