Bank AlJazira Partners with ShoCard for Blockchain Identity Management

09/10/2017 13:36 AST

Bank AlJazira (BAJ) has teamed with blockchain mobile-identity platform ShoCard and FinTech firm Ateon to enhance its services and protect clients' information.

Eestablished in 1975, Bank AlJazira is an Islamic financial institution based in Jeddah, Saudi Arabia, principally serving affluent individuals and successful national corporations in the region.

Based in California, ShoCard is a mobile-identity platform built using blockchain technology that provides a mobile application for definitive authentication while protecting users' privacy. This allows for a variety of use cases, such as repeat authentication, true-digital signature with non-perishable audit-trail, transaction authorization to prevent fraud, frictionless login services without username/passwords, and user authentication in financial transactions, travel, health, government and industries where digital identity matters.

Ateon was created by Saudi Arabia's Alhamrani Group. Ateon provide solutions in the following domains: FinTech, secure documents exchange, Smart Cities, and cyber security.

The partners are working together to create a new system which will use ShoCard's blockchain-based identity management solution along with the KYC (know your customer) solution from SettleMint and BAJ's existing digital channels (online banking website and mobile app).

Once deployed, the system is expected to reduce cost and duplication for identity management, reduce fraud, allowance for the exchange of customer information: data on wire transfers and investigatory reports, improved management of AML (anti-money laundering) rules, and enhanced customer satisfaction.

"No longer would bank clients need to remember passwords or type SMS codes," according to the official release. "No customer data is transmitted over the Internet; nor any private information is stored on any computer. The solution will provide users with true security and privacy."

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