Bank Aljazira in its continued effort to provide its clients with outstanding services while protecting clients information to prevent fraud, is working on the first of its kind use case in the region using the Blockchain based identity management from ShoCard in partnership with its local partner Ateon and SettleMint.
The project starts with a Blockchain-based solutions; which utilizes BAJ’s existing digital channels (online banking website and mobile app). No longer would bank clients need to remember passwords or type SMS codes. No customer data is transmitted over the Internet; nor any private information is stored on any computer. The solution provides users with true security and privacy.
Expected benefits of the system once deployed are:
- Reduce cost and duplication for identity management
- Reduce fraud (a borrower can no longer take a loan against the same asset from multiple banks)
- Allow for the exchange of customer information: data on wire transfers and investigatory reports (Suspicious Activity Reports).
- Improve management of AML
- Improve customers satisfaction
The same solution could be extended to replace bank cards for clients when transacting or withdrawing money from an ATM machine. Unlike NFC based solutions, there is no data to be sniffed by nearby thieves.
ShoCard is the most prominent name in the Blockchain identity space with an open-patent portfolio. It has existing, large-scale clients in the airline industry including SITA and two other major airlines. Also, ShoCard has production partnerships with Credit-Info, one of the largest credit-card networks in the world, as well as other major financial institutions.
Bank Aljazira – established in 1976 – is a prominent Islamic Bank in Saudi Arabia and continues to take a leading position in Digital Banking and Fintech development.
- CEO Patrick M. Byrne Resigns From Overstock Over ‘Deep State’ Comment and Affair with a Russian Spy – Stock Rises - August 22, 2019
- Telx Technologies Launches World’s First Cryptocurrency Sim Card Wallet And Phone Number - August 22, 2019
- Chainalysis Launches Real-Time Alerts for Suspicious Transactions For 15 Cryptocurrencies - August 22, 2019
- Factom Launches New Stablecoin called PegNet Stablecoin - August 22, 2019
- HitBTC Cryptocurrency Exchange Offers Massive Rate Cuts - August 22, 2019
- American Classic Beer Miller Lite Teams Up with Blockchain Vatom Labs to Create New Customer Experiences - August 21, 2019
- WordProof and WORBLI Partner To Bring Online Content Transparency Using Blockchain Technology - August 21, 2019
- Polkadot Cuts Deal with Blockchain – 41M Wallets to get Polkadot.Network DOTS - August 20, 2019
- David Chaum’s New Quantum-Resistant Digital Currency, Praxxis, Has Arrived - August 20, 2019
- New Satoshi on the Block Plans a ‘Reveal’ – Bitcoin Community Responds - August 19, 2019
- Binance Announces Open Blockchain Project ‘Venus’ – Calls on Governments, Companies and Organizations to Develop Localized Stablecoins - August 19, 2019
- Blockchain-Fueled VeganNation raises $10 million for Vegan Global Marketplace - August 19, 2019
- Fight to Flame – Mike Tyson Denies Issuing Token and Working With Fight2Fame - August 17, 2019
- Bitcoin Wealth is Almost 50 Times More Concentrated than Global Wealth According to PARSIQ Research - August 16, 2019
- Graph Blockchain Signs LOI to Acquire Cyberanking Ltd. an Esports Company - August 16, 2019
- Blockchain Moves Into The US’s Largest Oil Fields With Data Gumbo - August 16, 2019
- BlockStar Teams Up With Cycling Apparel Brand De Marchi to Auction Fausto Coppi’s Cycling Jersey - August 16, 2019
- Zcoin Available to Five Million Merchants in Thailand - August 16, 2019
- Republic Partners with Althea to Launch First-Ever Compliant Security Airdrop for Retail Investors in the U.S. and Abroad - August 14, 2019
- Mark Cuban’s Dallas Mavericks Basketball Team Join Up With Bitpay To Accept Bitcoin For Tickets And Gear - August 14, 2019