Arab Jordan Investment Bank in Production with Oracle Blockchain by Mary Hall


Arab Jordan Investment Bank (AJIB) is now in production with the Oracle Blockchain Platform.  The project is the largest blockchain deployment in the Middle East.   AJIB deployed Oracle Blockchain Platform to replace the banking application previously used for money transfers between AJIB entities, resulting in cost-savings and real-time cross-border transactions.

Results before and after using blockchain technology

Before using blockchain, money transfers between Arab Jordan Investment Bank (AJIB)  subsidiaries were achieved by using third-party intermediaries.  These intermediaries charged fees at each stage of a cross-border transfer transaction.   In addition to the additional fees, using theses intermediaries made it necessary for the bank to  share some customer information with third parties.  Sharing this type of information involved compliance with strict regulatory requirements. AJIB aimed at reducing the costs and the time required for cross-border payments, while making the entire process more secure and efficient.

With Oracle Blockchain, AJIB is now able to make the same transfers in real-time without paying the transactions fees for each transaction to third party intermediaries. Senders and receivers can now  track money transfers while the funds are in transit, providing transparency to both parties about the exact timing and amount of the transfer. Read the complete article here.

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Technorati Tags: SOA Community,Oracle SOA,Oracle BPM,OPN,Jürgen Kress

About Jürgen Kress
As a middleware expert Jürgen works at Oracle EMEA Alliances and Channels, responsible for Oracle’s EMEA Fusion Middleware partner business. He is the founder of the Oracle SOA & BPM and the WebLogic Partner Communities and the global Oracle Partner Advisory Councils. With more than 5000 members from all over the world the Middleware Partner Community is the most successful and active community at Oracle. Jürgen manages the community with monthly newsletters, webcasts and conferences. He hosts his annual Fusion Middleware Partner Community Forums and the Fusion Middleware Summer Camps, where more than 200 partners get product updates, roadmap insights and hands-on trainings. Supplemented by many web 2.0 tools like twitter, discussion forums, online communities, blogs and wikis. For the SOA & Cloud Symposium by Thomas Erl, Jürgen is a member of the steering board. He is also a frequent speaker at conferences like the SOA & BPM Integration Days, JAX, UKOUG, OUGN, or OOP.

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