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. Read the complete article here.
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