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.
Use case focus for the Cross border transfers:
- Provide innovative financial services to customers by executing cross-border payments substantially faster, while making these transactions more efficient and transparent
- Reduce the cost of money transfers between subsidiaries by removing third-party intermediaries with accompanying fees and charges that occur at each transactional stage of a transfer
- Increase data privacy and data security by eliminating the need to share customer data with correspondent banks and third-party intermediaries
- Ensure protection of customer money by increasing resiliency to cyberattacks with high levels of data replication and no single points of failure