PoC Blockchain Trial Completed By ICS Financial Systems (ICSFS) To Help Boost Speed And Security
ICS Financial Systems supports the software and services that banks and financial institutions need to function. In their recent developments, they have completed a proof-of-concept trial that will help them establish their blockchain protocol for the Arab Jordan Investment Bank (AJIB). This platform is directly tied in with the Oracle Autonomous Blockchain Service, running exclusively on three different technologies – the Hyperledger Fabric, ICS BANKS Core Banking System, and ICS BANKS Digital banking platform.
This blockchain adapter protocol is meant to heal the difficulties that were previously found with security and the delay of transactions. Instead, these transactions will process quickly. Adding to this sentiment, AJIB chairman Hani Al-Qadi said,
“The success of this PoC is the beginning of a new journey for AJIB, and we are looking forward to be suing this transformative technology, after being regulated in different banking solutions to continue fulfilling our customers’ evolving financial needs.”
The managing director for ICSFS, Robert Hazboun, also has an optimistic view on this new collaboration. Hazboun said,
“The initiative of this successful milestone is one of the first blockchain PoC executed in this region, delivering an enterprise-grade blockchain platform with industry leading resiliency, scalability and security. Through this collaboration, Arab Jordan Investment Bank can now practice fund transfers between its subsidiaries or bank-to-bank securely, faster, cheaper and instant (real-time) through all its digital banking platform 24/7.”
The AJIB is one of the first banks to get involved with distributed ledger technology, according to AJIB’s general manager of the IT and Security unit, Ayman Qadoumi. Qadoumi believes that the bank can continue to keep up with the technological advancements in the industry, based on the existing success of the ICSFS.
Similarly, ICSFS’s executive director, Wael Malkawi, believes that the bank’s use of efficient fund transfers from their own platform will be helpful too. Malkawi also believes that their collaboration will support customers with lower fees, more secure information, and attention to the needs of clients.
As the first blockchain-related effort in Jordan, this will hopefully lead other countries to adopt DLT. However, UAE’s Dubai is already one of the most eager and excited adopters of the technology in their country, so Jordan has to catch up.