Emirates NBD registers cheques on a blockchain

Emirates NBD registers cheques on a blockchain

Emirates NMD has integrated blockchain technology into issued cheques to reduce the risk of forgery and to minimise potential fraud.

Emirates NBD's ChequeChain system prints a unique QR code on every leaf of newly issued chequebooks. The code registers each cheque on the bank’s blockchain platform, ensuring that once the cheque is received and cleared under the bank’s ICCS technology, bank staff can validate its authenticity and have access to the source at all times.

The bank is now rolling out the system across the UAE following a successful pilot overseen by Emirates NBD Future Lab.

Abdulla Qassem, group chief operating officer, Emirates NBD says: “This initiative will significantly strengthen our risk and security management processes, particularly through the reduction of cheque fraud.”

In its first month, the bank has registered close to one million leafs using blockchain, he says. It is now exploring the possibility of opening the platform to other UAE financial institutions.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 16 April, 2018, 17:32Be the first to give this comment the thumbs up 0 likes

Cheque not only survived Mobile Banking but made Mobile RDC a killer app of Mobile Banking. Let's see if Blockchain Cheque Registration becomes the killer app of Blockchain.

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