Emirates NBD has introduced Cheque Chain service in a bid to integrate blockchain technology and minimise potential fraud.
The new service will also enhance security standards both within Emirates NBD Group and across the UAE banking sector, the Dubai-listed bank stated on Sunday.
“After a successful pilot phase, we are pleased to roll out Cheque Chain to our customers nation-wide, becoming the first bank in the region to offer this service,” Emirates’s NBD Group COO Abdulla Qassem commented.
Emirates NBD has registered around one million leaves in one month using blockchain, which enables it now to consider the possibility of opening its blockchain platform in an effort to cooperate with other Emirati financial institutions.
“Cheque Chain enables a unique QR (Quick Response) code to be printed on every leaf of newly issued chequebooks to register each cheque on the bank’s blockchain platform,” Emirates NBD revealed.