Commercial Bank of Qatar boasts successful implementation of blockchain remittance platform

5 May 2017

Commercial BankThe Commercial Bank of Qatar is successfully implementing its blockchain-powered project for international money transfers. Within the partnership with Indian software developer Infosys the Commercial Bank has been conducting a trial of the cloud-based blockhain platform for global remittances, joined by several partnering banks located in Turkey, United Arab Emirates and Oman.

According to the statement made by the bank the initial pilot project showed positive results with real-time worldwide transfers made bank-to-bank at a significantly low rate. The Qatari bank is seeking to further expand the reach of its blockchain remittance service to tie in the key transfer route between the Middle East nations and Asian region.

The blockchain network provided by Infosys was developed on the basis of the cloud-based ledger enabling financial institutions to convert their mutual processes into an automatic mode, while substantially minimizing the risks of financial frauds and ensuring higher level of transparency in operations.

The blockchain-based platform was designed with no link to the current money transfer service provided by the Commercial Bank, which indicates its great potential for further total substitution of the existent remittances environment.

CEO of the Commercial Bank Joseph Abraham noted that the success of the trial within the Commercial Bank Group is a motivation for its further implementation with the involvement of more participant banks from South Asia region, UAE, Egypt and other nations with according transaction volume increase.

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