ICS Financial Systems, a company that provides software and services for banks and financial institutions, has declared a successful blockchain trial in Jordan.
ICS Financial Systems Limited (ICSFS), a subsidiary of London-based International Computer Systems Group, said that successfully completed a concept testing process (PoC) carried out at Arab Jordan Investment Bank (AJIB). The operation was conducted via the ICS BANKS Blockchain Adapter between the AJIB headquarters in Amman and the Cyprus branch in Limassol. The new blockchain platform is integrated with Oracle Autonomous Blockchain Service and runs on Hyperledger Fabric, ICS BANKS Core Banking System and ICS BANKS Digital Banking Platform.
ICS BANKS Blockchain Adapter will help users to realize faster automated transactions and overcome difficulties related to delays, security and intermediaries.
AJIB President Hani Al-Qadi commented:
"The success of this PoC is the beginning of a new journey for AJIB, and we are not looking forward to using this transformation technology. , after being regulated in various banking solutions to continue to fulfill the evolving financial needs of our customers. "
Robert Hazboun, managing director of ICSFS, stated:
" The initiative of this milestone of success is one of the first PoC blockchains in this region, offering an industry-leading blockchain platform with industry-leading resiliency, scalability and security. "
" Thanks to this collaboration, Arab Jordan Investment Bank can now transfer funds between its branches or bank-bank securely, quickly, economically and instantaneously (in real time) throughout its 24/7 digital banking platform, "he added.
Ayman Qadoumi, deputy director general of the IT and security unit of AJIB, said the bank was one of the first to adopt the stributed ledger technology (DLT) and will continue to keep up with technological trends.
Wael Malkawi, executive director of ICSFS, noted that AJIB will now be able to improve its services by offering lower cost transfers, secure customer data and better meeting the requirements of its customers.
The PoC study is one of the first operations related to the blockchain in Jordan. In the Middle East, the UAE Dubai is one of the most ardent adopters of the DLT, eying to become the first government in the world powered by the blockchain.