ICSF completes blockchain PoC with Arab Jordan Investment Bank

Source: ICSF

ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has successfully completed the implementation of blockchain proof of concept (PoC), which was conducted at Arab Jordan Investment Bank (AJIB), one of Jordan’s leading investment and commercial banks, through ICS BANKS Blockchain Adapter between Amman Head Office and Cyprus Branch (Limassol).

Chairman of Arab Jordan Investment Bank; 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 using this transformative technology, after being regulated in different banking solutions to continue fulfilling our customers’ evolving financial needs.”

Managing Director of ICSFS; Mr. Robert 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.” Mr. Hazboun continued “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.”

Deputy General Manager, Information Technology and Security at AJIB; Mr. Ayman Qadoumi commented on this experience,
“Arab Jordan Investment Bank is one of the early adapters of the Blockchain technology. By implementing the blockchain proofs of concept (PoC) that was conducted at our test environment through ICS BANKS Blockchain Adapter, between Amman Head Office and Cyprus Branch (Limassol), we have proven our commitment to provide our customers with the latest technologies to proactively deliver the smartest products and services.”

Executive Director of ICSFS; Mr. Wael Malkawi stated,
“This project would have not been executed without Arab Jordan Investment Bank’s full support and extensive collaboration, Arab Jordan Investment Bank will now be able to enhance their customer centricity by reducing cost of fund transfers, secure their private information and promptly address their requirements.”

ICS BANKS Blockchain Adapter users will benefit from such a platform to overcome the challenges that it faces in terms of security, delays, faster automated transactions and the exclusion of third parties. ICS BANKS Blockchain Adapter is integrated with Oracle Autonomous Blockchain Service running on hyper ledger Fabric platform, ICS BANKS Core Banking System and ICS BANKS Digital banking platform.

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