Arab Jordanian Investment Bank executes first cross border payment on Blockchain

ICS Financial Systems ICSFS has announced the successful execution of the first transfer of funds between AJIB (Arab Jordanian Investment Bank) head office in Jordan and its Cyprus Bank. This marks a successful milestone as one of the first Blockchain transaction in the MENA region using Oracle Blockchain platform. ICS Financial Systems is using Oracle's enterprise grade blockchain platform.

According to ICS Financial Systems press release, AJIB will now be able to offer improved customer centricity through reduction in costs for transactions as well as enhanced security. An ICS Financial system is using ICS Banks Blockchain Adapter which is integrated with Oracle Blockchain Service, ICS Banks Core Banking System and ICS Banks digital banking platform.

The Arab Jordanian Investment Bank had previously announced it would be using Oracle Blockchain platform for cross border transfers through ICS Financial Systems provider. Arab Jordan Investment Bank CIO Ayman Qadoumi in an interview with Tahwultech had stated, “ We started to consider Blockchain in early 2017 as we wanted to think outside the box to enhance our bank’s value proposition.”

AJIB bank decided that cross border payments was ripe for disruption. According to Qadoumi  “This costs banks and customers more money and time, and transfers typically take 2-3 days,” Qadoumi says. “Blockchain can eliminate that that cost and time, and makes the whole process more efficient.”

AJIB’s initial use case would see the bank delivering fund transfers from its Amman headquarters to its Cyprus subsidiaries. It seems that it has now gone public after regulatory approval. AJIB had planned to roll out the system to other banks and countries in the near future.