UAE: ENBD to use blockchain technology to clear cheques

Emirates NBD (ENBD) has announced that it will be integrating blockchain technology into cheques in a bid to increase its authenticity and combat potential fraud. This pioneering initiative, aptly named Cheque Chain, will be rolled out in a pilot phase to customers later this year. In this initial phase, unique QR (Quick Response) codes will be added to each page of a customer’s cheque book, which will immediately reduce the potential for forgeries. As a result, these QR codes will allow every cheque to be registered on ENBD’s blockchain. Thus, allowing the bank to validate the authenticity of a used cheque more easily. According RFi Group’s H2 2016 data, 3 in 10 consumers in the UAE have used cheques in the last 12 months, which has not changed over the past year and highlights the moderately common use of cheques within the country that needs to be protected.

According RFi Group’s H2 2016 data, 3 in 10 consumers in the UAE have used cheques in the last 12 months, which has not changed over the past year and highlights the moderately common use of cheques within the country that needs to be protected.

Commenting on the announcement, Abdulla Qassem, the Group Chief Operating Officer at Emirates NBD, said, “Having established our leadership in the UAE banking sector in exploring the potential of blockchain technology, we are delighted to be the first bank in the country to utilise this remarkable new technology to strengthen and upgrade our internal processes. The launch of this initiative is also in line with our commitment to customers to prevent fraud and ensure the security and safety of their transactions at all times.”

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