The largest bank in the emirate of Dubai, Emirates NBD, aims to eliminate fraudulent checks through the Blocchin project. The "Check Chain" is the first project to be successfully publicized with the sole objective of reducing and eventually eliminating fraudulent checks.
A trial version was conducted last year, overseen by Emirates NBD's Future Lab, which proved to be so successful that the bank is now planning to deploy enhanced security to all customers across the UAE. The project aims to integrate plucin technology into special export checks to enhance their health. In addition, it will significantly enhance standards across the banking sector in the UAE.
So, how will this project work? The "Check Chain" will provide a QR QR code that will be printed on each of the newly issued check books. This will record the check on the Bank's Blocken platform, which will ensure that once the checks are received and cleared, the bank's staff will be able to verify the check and access its source.
Discussing the new project, Abdulla Ghosoum, Chief Executive Officer, Emirates NBD said:
"Emirates NBD is committed to exploring the commercial uses of this innovative technology.
After a successful pilot phase, we are delighted to launch the Cheque Chain project for our customers nationwide, to become the first bank in the region to offer this service ... This initiative will greatly facilitate our risk management and security operations by mitigating check fraud "
In the first month alone, the bank recorded nearly one million check sheets using the buccaneer. He is now exploring the possibility of further developing this, by opening a platform for cooperation with other Emirates financial institutions.