du launches blockchain banking information exchange platform
Finance House and other banks offer PoC of the BPaaS network solution
du, in partnership with Avanza Innovations, has built a document exchange platform on its Blockchain Platform as a Service (BPaaS), named the ‘Bank Trust Network’.
Bank Trust Network will enable paperless exchange of information between banking institutions and their beneficiaries, increasing banks’ efficiency, reducing fraud risks, making customer experience digital, and reducing damage to the environment by excessive use of paper.
Farid Faraidooni, Deputy CEO, enterprise solutions at du’s parent company EITC, said: “With the development of the Bank Trust Network, we are proud to once again reinforce our commitment towards industry-defining product innovation that is in line with the digital transformation blockchain strategies and visions of the UAE leadership. We are adamant this BPaaS solution will redefine our customers’ digital transformation journeys and we will continue working alongside our customers and with all our partners in order to explore this technology’s immense benefits and potential.”
Finance House, a UAE-based financial institution, has been on-boarded as the first customer on Bank Trust Network to showcase the buyout process between Finance House and other banks. The platform will facilitate the entire buyout process by issuing the liability and clearance letters in a trusted, tamper proof platform.
Wael Elsayed Ibrahim, group chief operating officer, Finance House, said: “By signing as the first Bank Trust Network partner, we believe this optimal BPaaS solution will enable Finance House to provide enriched and seamless financial solutions for clients. We are proud to be part of this innovative blockchain ecosystem and to be partnering with a leading technology enabler like du to champion reliable digital solutions to enrich the UAE’s future progress.”