NBD to use blockchain for cheque is­suance

Banking Frontiers - - Banking In The Gulf -

The Na­tional Bank of Dubai (NBD) has be­come the first bank in the Mid­dle East to suc­cess­fully im­ple­ment Blockchain tech­nol­ogy in a cheque-is­suance sys­tem to pre­vent fraud. News re­ports said the sys­tem works by means of print­ing a unique QR code on each cheque and putting the records on Blockchain. The ‘Cheque Chain’ tech­nol­ogy is de­signed to pro­vide higher au­then­tic­ity of the is­sued cheques, as well as to the se­cu­rity stan­dards across the UAE bank­ing sec­tor. Ab­dulla Qassem, NBD’s group chief oper­at­ing of­fi­cer noted the im­por­tance of the in­no­va­tive tech­nol­ogy de­ploy­ment and high­lighted that NBD bank is the first bank that of­fered such a ser­vice in the re­gion.

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