Dubai’s biggest bank Emirates NBD successfully launches ‘Cheque Chain’ 6781
Blockchain
Akriti Mathur
Apr 21, 2018 at 2:51 PM

 

Emirates NBD has become the first bank to launch a blockchain technology project dubbed “Cheque Chain”. Cheque Chain aims to remove the cheque-related frauds.

Emirates NBD Future Lab had a successful pilot project in 2017. The bank is now taking progressive steps with the help of technology to secure bank operations for their customers.

Cheque Chain’s mission is to integrate blockchain technology into the issued cheques. It will boost authenticity and improve upon the security standards. The project enables a Quick Response or QR code. The code will be printed on every newly issued cheque book. The unique code will get registered on the cheque of the bank’s blockchain platform. The process is helpful in the validation process. The cheque is then received and cleared by ICCS technology. Bank staff will validate the cheque’s originality. The bank staff will also have access to the sources as well. 

“Emirates NBD is committed to exploring commercial uses for this innovative technology. After a successful pilot phase, we are pleased to roll out Cheque Chain to our customers nationwide, becoming the first bank in the region to offer this service”, said Abdulla Qassem, Group Chief Operating Officer, Emirates NBD. He also stated, ”This initiative will significantly strengthen our risk and security management processes, particularly through the reduction of cheque fraud.” 

Emirates NBD is Dubai’s biggest bank. It was established in 2007.

 

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