Saudi Arabia-based Bank AlJazira has partnered with ShoCard and Ateon to enhance its services, protect clients’ information, and avoid fraud. The partners are working to launch the first-of-its-kind use case in the region, which uses ShoCard’s blockchain-based identity management solution along with the KYC solution from SettleMint.
ShoCard is a California-based mobile-identity platform built using blockchain technology that provides a simple and intuitive mobile application for definitive authentication while protecting users’ privacy. Its technology can be used for password-less login, whereby user credentials are not stored on any computer. ShoCard also ensures no personal or financial data is exchanged during transactions, thus eliminating theft and resulting in fast, trusted authentications.
According to the official release, ShoCard’s solution is highly scalable and has existing, large-scale clients in the airline industry, including SITA and two other major airlines. The company also has a production partnership with Creditinfo Group, one of the largest credit card networks in the world, as well as other major financial institutions.
Expected benefits of the system once deployed include:
- Reduced cost and duplication for identity management
- Reduced fraud (a borrower can no longer take a loan against the same asset from multiple banks)
- Allowance for the exchange of customer information: data on wire transfers and investigatory reports (Suspicious Activity Reports)
- Improved management of AML
- Improved customer satisfaction