ShoCard to build blockchain identity management platform at Aljazira Bank

Tuesday 10 October 2017 10:27 CET | News

ShoCard, a mobile-identity platform built using blockchain tech, and Bank AlJazira have teamed up to build a blockchain identity management platform for the bank’s clients.

The partnership aims to provide excellent service, as well as protect clients’ information and avoid fraud, by launching ShoCard’s blockchain-based identity management solution along with the KYC solution from SettleMint.

Expected benefits of the system once deployed include: reduced cost and duplication for identity management, reduced fraud (a borrower can no longer take a loan against the same asset from multiple banks), allowance for the exchange of customer information: data on wire transfers and investigatory reports (Suspicious Activity Reports), improved management of AML, and improved customer satisfaction.

Bank AlJazira, established in 1976, is a prominent Islamic Bank in Saudi Arabia and continues to take a leading position in digital banking and fintech development.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ShoCard, Bank AlJazira, identity management, blockchain, banking, identity management, UAE, US, partnership
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions