As financial institutions look to enhance their customers' online banking experience, a number of them are looking are Blockchain technology as a way to accelerate the payment process and cross-border transfers. IDC forecasts that "applications surrounding complex, multi-party transactions or intermediaries demonstrate the largest benefits of implementing a Blockchain solution."
The challenges are many in the current process, and typically involve third party intermediaries to facilitate the transfers of funds between banks. This results in extra costs being incurred and fees being passed onto consumers.
In late 2018 and early 2019, ICS Financial Systems conducted a proof of concept with Arab Jordan Investment Bank (AJIB) to utilize the Oracle Blockchain Platform to enhance their cross-order payments process AJIB wished to enhance the customer experience for their customers with the goal of creating a trusted payment network for business to business transactions. They worked with ICS Financial Systems, using the Oracle Blockchain Platform, to develop a way to maintain operations beyond organizational boundaries, while accelerating the payment process. This involved looking at payment tracking, end-to-end payment tracking and most importantly optimizing business decisions by providing real time information visibility across the organization's ecosystem.
“Our customers and banks wanted a platform that allows start-ups, financial institutions and any customers to connect directly with their banks, without intermediaries, and to stop sharing data with them while still reducing the cost for everybody. So, we chose Oracle Blockchain to help us achieve all those benefits," noted Ghassan Sarsak, the Chief Technology and Innovation officer of ICS Financial Systems.
ICS Financial Systems was able to work with AJIB to develop Blockchain services using Oracle Blockchain Platform in just five months, starting from participating in the Oracle early access program to mastering the technology.
Watch this short video to hear Ghassan Sarsak, CTO of ICS Financial Systems explain the benefits of using Blockchain technology at AJIB.