Block-chain Network: The new hero in worldwide fund transfer scenario?

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Little is yet known about this young entrant into the bank digitization scenario, but according to the CEO of a leading bank located in the Middle East, the knowhow could well be the next ‘in-thing’ to revolutionize international fund movement within the banking system.

Taking the initiative into the advanced knowhow based infrastructure, Qatar-based Commercial Bank has carried out a pilot project and has successfully completed initial fund transfer transactions between several of its counterparts in Turkey, Oman, UAE, Egypt and India, recently.

Designed on a cloud-based direct ledger technology, the network assures several benefits including enhanced security, better accuracy and faster transactions and avoids the need for intermediaries during the entire movement.

After its initial success with fund transfer, the bank now plans to implement this novel concept in paperless transaction application to simplify the processes involved in trade finance, legal and trade documentation including purchase orders, letters of intent, invoicing and similar records.

The knowhow is catching the fancy of other leading banks in different countries for rapid-fire banking transaction procedures like never-before, it is learnt.

All said, finance technology is moving into new horizons to usher-in big benefits aimed at the end-consumers of banks the world over.

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