South indian bank has completed an overseas transaction with the use of blockchain

South Indian Bank has completed an overseas transaction with the use of blockchain

Last Updated: December 5, 2018By

South Indian Bank partnered with a currency exchange house in West Asia to execute successful overseas transactions using blockchain technology.

SIB is the latest bank to join the bunch of global markets that are using blockchain technology to exchange and verify remittance information in real-time. “We successfully completed our pilot test with a UAE-based bank by exchanging Forex transaction messages over blockchain”, said the sources.

This bank/blockchain partnership will help the bank embrace the latest technology and keep up with competitors while making transactions safer, faster and secure all at the same time with minimal data loss.

SIB currently has partnership agreements with 4 banks and 34 currency exchanger/exchange houses in the GCC countries and in Singapore, Australia, and Hong Kong. The bank has been a great supporter of digital innovations and is launching a new mobile app called SIB Mirror+, which offers a convenient way to lock your account remotely. This will give you more control over your banking experience.

Blockchain technology in banking has swiftly gained popularity in various banking sectors. It is reported that in just three years, the adoption of blockchain technology in various banking sectors has increased dramatically.

There are many advantages of blockchain technology, such as the elimination of third-party interference, improved security and data protection, faster transaction speed, and lower transaction costs.

The report by World Economic Forum predicts that the global finance sector will save up to $100 billion annually by 2025 through leveraging blockchain technology. Some of the proven use cases of blockchain technology in banking are AML (Anti-Money Laundering) compliance verification or KYC (Know Your Customer) screening.

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