Commercial Bank is to introduce a new innovative technology in fund transfer to create an enhanced client experience in the fields of international transfer and trade finance.
Commercial Bank has successfully completed the initial pilot phase using the first ever blockchain network to process international transfers in partnership with its regional alliance banks ABank in Turkey, National Bank of Oman, and United Arab Bank in the UAE, in addition to other banks in Egypt and India.
Commercial Bank created a blockchain network with its regional alliance banks using a cloud-based ledger technology. This network enhances automation between the banks, with increased transactional security, accuracy and speed.
The blockchain network also eliminates the need for intermediaries, enabling Commercial Bank to offer its customers near to real-time bank-to-bank transfers at a low cost.
Following the successful testing of the pilot phase, the Bank will begin to obtain the necessary approvals
The second phase will focus on trade finance transactions, extending the blockchain technology beyond payments to include legal and trade documents.
All trade finance transactions will be paperless on the blockchain network, simplifying the process of exchanging purchase orders and invoices by eliminating lengthy international paper trails and verification through trade intermediaries.
