Alliance Bank, a Ukraine-based financial institution, has signed an agreement with fintech company Attic Lab to integrate SmartMoney – a banking blockchain system, Forklog.net reported.

Attic Lab CEO Sergei Vasilchuk made the announcement via Facebook. He wrote:

“Alliance Bank has become not just our client, but a partner and a fellow thinker in building the financial system of tomorrow. Sources, libraries and API’s will all be open. We plan a sandbox and prizes for the best applications based on electronic crypto-hryvnias”.

Based on blockchain technology, SmartMoney is intended for the deployment of an e-money accountancy infrastructure in the National Payments System PROSTIR. It also supports peer-to-peer transactions from mobile wallets, smart contracts, warranties without trusted intermediaries, and collective account management.

The announcement follows similar agreement between Attic Lab and Alpari bank signed last December. The two parties said at that time that they were building a decentralised payments network that will involve other Ukrainian banks.

In September 2016, Attic Lab unveiled its open source blockchain platform. The startup said that the platform will offer the issuance of e-money, claiming that it will be a “full-fledged alternative” to systems like Visa and MasterCard, as reported by Banking Technology.