Kiev-based Alparibank has signed an agreement with fintech firm Attic Lab in order to integrate the Smart Money banking system on blockchain technology to launch e-money accounting infrastructure of ‘Prostir’ national payment system, as reported by Forklog.com.

The private registry that is allocated will be used within the system and the integration of systems will maintain the p2p-transfers from mobile wallets, smart contracts and warranty provision, without the trusted intermediaries and collective management of the accounts (loosely translated).

“We believe that this software is open source will significantly reduce the total cost of the bank's IT infrastructure, increase security and transparency of banking processes, and also allow the bank to offer customers new opportunities", the joint statement of Alparibank and Attic Lab stated, as reported by Forklog (loosely translated).

Apart from the integration, the involving parties mentioned that they are interested in building a decentralized payments network with other banks and were working in this direction.

"This will create an ecosystem of partners that will offer affordable services to its customers, today forced to use outdated technology solutions,” it added.

The launch of the system is expected to be made in the first quarter of 2017.