ICS Financial Systems (ICSFS) Completes a Successful Blockchain Proof of Concept (PoC) with Arab Jordan Investment Bank (AJIB)

September, 2018

 

Limassol, Cyprus: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has successfully completed the implementation of blockchain proof of concept (PoC), which was conducted at  Arab Jordan Investment Bank (AJIB), one of Jordan’s leading investment and commercial banks, through ICS BANKS Blockchain Adapter between Amman Head Office and Cyprus Branch (Limassol).

Chairman of Arab Jordan Investment Bank; Hani Al-Qadi said,
“The success of this PoC is the beginning of a new journey for AJIB, and we are looking forward to be using this transformative technology, after being regulated in different banking solutions to continue fulfilling our customers’ evolving financial needs.”

Managing Director of ICSFS; Mr. Robert Hazboun said,
“The initiative of this successful milestone is one of the first blockchain PoC executed in this region, delivering an enterprise-grade blockchain platform with industry leading resiliency, scalability and security.” Mr. Hazboun continued “Through this collaboration, Arab Jordan Investment Bank can now practice fund transfers between its subsidiaries or bank-to-bank securely, faster, cheaper and instant (real-time) through all its digital banking platform 24/7.

Deputy General Manager, Information Technology and Security at AJIB; Mr. Ayman Qadoumi commented on this experience,
“Arab Jordan Investment Bank is one of the early adopters of the Blockchain technology. By implementing the blockchain proofs of concept (PoC) that was conducted at our test environment through ICS BANKS Blockchain Adapter, between Amman Head Office and Cyprus Branch (Limassol), we have proven our commitment to provide our customers with the latest technologies to proactively deliver the smartest products and services.”


Executive Director of ICSFS; Mr. Wael Malkawi stated,
“This project would have not been executed without Arab Jordan Investment Bank’s full support and extensive collaboration, Arab Jordan Investment Bank will now be able to enhance their customer centricity by reducing cost of fund transfers, secure their private information and promptly address their requirements.”

ICS BANKS® Blockchain Adapter users will benefit from such a platform to overcome the challenges that it faces in terms of security, delays, faster automated transactions and the exclusion of third parties. ICS BANKS® Blockchain Adapter is integrated with Oracle Autonomous Blockchain Service running on hyper ledger Fabric platform, ICS BANKS® Core Banking System and ICS BANKS® Digital banking platform.


-Ends-

 

Arab Jordan Investment Bank (AJIB)
For more than three decades, Arab Jordan Investment Bank (AJIB) has built a legacy of excellence and leadership as one of Jordan’s leading investment and commercial banks. The Bank established its branch in Limassol Cyprus in 1989, the Bank also founded the Arab Jordan Investment Bank (Qatar) L.L.C. in the Qatar Financial Center to serve as the Bank's focal point in Qatar and the GCC region. The Bank also provides professional investment and brokerage services at Amman Stock Exchange through its subsidiary "The United Arab Jordan Company for Investment and Financial Brokerage". In addition, the Jordan International Bank (JIB) is an affiliate of AJIB since 2010. It is based in London, United Kingdom and provides professional banking and investment services for companies in or outside the UK. For more information, please visit AJIB's official website www.ajib.com


About ICS Financial Systems Ltd. - (ICSFS)
A leading provider of modular, universal banking systems with offices in United Kingdom, Jordan, United Arab Emirates, Iraq, Saudi Arabia, Palestine, Sudan, Nigeria and Lebanon. ICSFS is a leading provider of a universal modular, core banking systems, whose success can be attributed to its turnkey offerings; ICS BANKS® and ICS BANKS® ISLAMIC, which serves and supports customers across the globe. ICSFS provides fully integrated universal, banking applications that deploys solutions and a range of professional services to automate and streamline banking services on premises or in the cloud. www.icsfs.com