ICS Financial Systems, AJIB Announce Successful Blockchain PoC Trial

ICS Financial Systems, a company that provides software and services for banks and financial institutions, declared a successful blockchain trial in Jordan.

ICS Financial Systems Limited (ICSFS), a subsidiary of London-based International Computer Systems Group, said it has successfully completed a proof of concept (PoC) trial carried out at Arab Jordan Investment Bank (AJIB). The operation was conducted via ICS BANKS Blockchain Adapter between the AJIB’s head office in Amman and its Cyprus branch in Limassol. The new blockchain platform is integrated with Oracle Autonomous Blockchain Service and runs on Hyperledger Fabric, ICS BANKS Core Banking System, and ICS BANKS Digital banking platform.

ICS BANKS Blockchain Adapter will help users achieve faster automated transactions and overcome difficulties related to delays, security, and intermediaries. 

AJIB chairman Hani Al-Qadi commented:

“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.”

Robert Hazboun, managing director of ICSFS, 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.”

“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,” he added.

Ayman Qadoumi, deputy general manager at AJIB’s IT and Security unit, said that the bank was one of the early adopters of the distributed ledger technology (DLT) and will continue to keep pace with the technological trends.

Wael Malkawi, executive director of ICSFS, noted that AJIB will now be able to improve its services by offering fund transfers at lower costs, secure customer data, and better address its clients’ requirements.

The PoC trial represents one of the first blockchain-related operations in Jordan. In the Middle East, UAE’s Dubai is one of the most avid DLT adopters, eying to become the world’s first government powered by blockchain.