Emirates NBD launches Cheque Chain to Integrate Blockchain Technology into Cheques
Emirates NBD, a leading banking group in the region, today introduced the launch of 'Cheque Chain,' an initiative that will incorporate blockchain modern technology right into cheques to strengthen their credibility and reduce potential fraudulence. Emirates NBD intends to present the Cheque Chain initiative to its workers during the pilot phase, ahead of the consumer roll later this year.
The very first stage of the initiative will see the printing of a unique QR (Quick Reaction) code on every fallen leave of the recently issued cheque books, therefore reducing fraudulence by making it hard to create cheques. In subsequent stages, the QR code will register each cheque on the bank's blockchain platform, making certain that once the cheque is obtained and gotten rid of under the bank's ICCS modern technology, the bank team will certainly be able to validate the cheque's credibility and have access to its source at all times.
Additionally, a string of 20 random characters will certainly be additionaled the MICR (Magnetic ink personality recognition) band of the cheque leaf making use of non-MICR ink. The MICR ink, is a character-recognition modern technology made use of mainly by the banking industry to alleviate the handling and clearance of cheques and various other papers. It is discovered below cheques and various other coupons and usually consists of file signs like bank code, checking account number, cheque number, cheque amount etc
Commenting the launch, Abdulla Qassem, Group Chief Operating Officer, Emirates NBD said: "Having actually established our leadership in the UAE banking industry in discovering the potential of blockchain innovation, we are pleased to be the first bank in the nation to use this remarkable brand-new innovation to strengthen and update our inner processes. The launch of this initiative is likewise according to our commitment to customers to avoid fraud and make sure the security and security of their transactions in any way times.
Cheque Chain will bring an added layer of security to our cheque clearing system, and guarantee that each cheque issued will certainly be verified under the bank's system with its very own unique QR code giving significant enhancement in cheque safety."
The Cheque Chain effort is the start of a substantial method by Emirates NBD to incorporate blockchain modern technology right into existing product or services, with the goal to implement global-best digital protection systems in accordance with the digitalisation of its products, processes and services. Going forward, it will certainly also be feasible to confirm the cheque at resource either through self-service or at presenting bank using the QR code.
The bank has begun pilot phase for the new cheque publications with its own employees to assess its implementation and change any changes that have to be made to the modern technology. The bank's news today, is part of the bank's commitment of the multichannel transformation of its products, processes and solutions, and will be supervised by Emirates NBD Future Lab the strategic innovation-driven think tank of the bank.
A member of the Dubai Future Structure's Global Blockchain Council, Emirates NBD is devoted to fulfilling the Dubai Smart City vision verbalized by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in maintaining with the Dubai Blockchain Technique introduced by His Highness Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Royal prince of Dubai. In October 2016, the bank introduced its effective completion of an evidence of concept blockchain network for international compensations and charge account trade finance, coming to be the first economic sector entity in the UAE to do so.
