Arab Jordan Investment Bank (AJIB) is now in production with the Oracle Blockchain Platform. The project is the largest blockchain deployment in the Middle East. AJIB deployed Oracle Blockchain Platform to replace the banking application previously used for money transfers between AJIB entities, resulting in cost-savings and real-time cross-border transactions.
Before using blockchain, money transfers between Arab Jordan Investment Bank (AJIB) subsidiaries were achieved by using third-party intermediaries. These intermediaries charged fees at each stage of a cross-border transfer transaction. In addition to the additional fees, using theses intermediaries made it necessary for the bank to share some customer information with third parties. Sharing this type of information involved compliance with strict regulatory requirements. AJIB aimed at reducing the costs and the time required for cross-border payments, while making the entire process more secure and efficient.
With Oracle Blockchain, AJIB is now able to make the same transfers in real-time without paying the transactions fees for each transaction to third party intermediaries. Senders and receivers can now track money transfers while the funds are in transit, providing transparency to both parties about the exact timing and amount of the transfer.
The benefits of using the Oracle Blockchain Platform include a higher-level of security, elimination of delays, faster-automated transactions and the exclusion of third parties.
"Arab Jordan Investment Bank (AJIB) is an early adopter of distributed ledger technology. The successful deployment of Oracle Blockchain Platform is the beginning of a new journey for AJIB. We are looking forward to using this transformative technology across different banking solutions to fulfill our customers’ evolving financial needs, " notes Hani Al Qadi, Chairman, Arab Jordan Investment Bank (AJIB)
To understand why AJIB choose Oracle for their blockchain platform of choice, I spoke to Ayman Qadoumi, Assistant Deputy General Manager IT/IS at Arab Joradan Investment Bank. "Oracle delivers an enterprise-grade blockchain platform with high resiliency, scalability, and security. The built-in features, such as identity management and data encryption, made it an ideal choice given our industry requirements and compliance needs," said Mr. Qadoumi.
AJIB selected ICS FS as a partner for this Proof-of-Concept (PoC) using the Oracle Blockchain Platform and the ICSFS Bank Adapter.
To learn more about how AJIB uses Oracle Blockchain, watch the short video case study below.