Arab Jordan Investment Bank launches the Oracle Blockchain Cross Border Transfers between AJIB subsidiaries
As a market leader in the use of new financial technology and catering to the evolving needs of customers, AJIB was the first bank in the MENA region to launch the Oracle Blockchain Cross Border Transfers between AJIB subsidiaries that offer instant, more secure, and cost efficient transfers through AJIB Online available 24/7 to customers. The Bank successfully implemented the first transfer of funds between its headquarters in Jordan and its Cyprus Branch, marking a new leap for AJIB in the world of advanced financial technology. The move comes as a result of the Bank's endeavor to provide the latest financial services to its customers and continue its approach to growing.
Investment in advanced financial technology and digital transformation is a priority for Arab Jordan Investment Bank to make modern and sophisticated financial services accessible to its customers and to keep up with the latest financial technologies. The adoption of Blockchain technology has enabled the Bank to establish new standards for cross-border payments and transfers by eliminating intermediaries, thereby making safer, faster, cost efficient and more timely transfers available 24/7 through its online platforms.
Mr. Hani Al-Qadi, Chairman of the Board of Directors at Arab Jordan Investment Bank, announced the launch of this service at the 30th anniversary of the establishment of the Cyprus Branch, in the presence of representatives from the Central Bank of Cyprus and members of the Board of Directors at the Bank, as well as selected clients from the branch in Cyprus. “We are proud to launch this service, which will enable our clients in Jordan and Cyprus to execute payments and transfers between Arab Jordan Investment Bank accounts anytime, anywhere, instantly, at the highest level of security and at the lowest cost” said Mr. Al-Qadi. “We look forward to using this technology in various banking solutions to continue to meet our customers' evolving financial needs and future aspirations” mentioned Mr. Al-Qadi.
The use of this technology will benefit AJIB with increasing the speed of banking transactions through the establishment of a reliable network, reducing transaction costs, accelerating transactions and eliminating complex settlement processes. Blockchain technology will provide a higher level of information security and reduced chances for system fraud. It will help the Bank comply with local and international business standards.
On July 16 2018, Oracle announced the launch of the Oracle Blockchain platform, confident that Blockchain technology is fundamentally changing the traditional pattern of banking operations to a new form.