ICSFS and Arab Jordan Investment Bank have collaborated and executed a partnership enabling transfer of funds between AJIB’s head office in Jordan and Cyprus branch.

Through the collaboration, AJIB will be able to enhance their customer experience through the reduction in the cost of fund transfers, securing their private information etc. The supplier states that the ICS Blockchain Adapter users are expected to benefit from the platform in terms of overcoming challenges such as in terms of security, delays, faster-automated transactions and the exclusion of third parties.

Being the first-mover in the blockchain space in the region, AJIB was selected by Oracle for an early-adopter program for its blockchain offering in a two-way selection process, marking Oracle’s first blockchain implementation in MEA region.

According to the supplier, AJIB selected ICSFS as a partner for this Proof-of-Concept (PoC), aiming to bring improvements in the efficiency of cross border fund transfers. It was designed to enable fund transfers between AJIB subsidiaries in different countries over blockchain, without the need of any intermediary. The PoC was conducted in a multi-country implementation module between AJIB’s headquarters in Amman and its subsidiary in Cyprus. The implementation involved a moderate level of customization requirements as per AJIB’s workflows, the process for which started in the early 2018.

ICS BANKS Blockchain Adapter is integrated with Oracle Blockchain Service, ICS BANKS Core Banking System and ICS BANKS Digital Banking platform.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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