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.
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