ShoCard, systems integrator
Ateon and KSA Islamic bank
Bank AlJazira are working to launch a first-of-its-kind fraud prevention platform using ShoCard's Blockchain-based identity management solution and
SettleMint's know your customer (KYC) technology.
Expected benefits of the system once deployed include:
- Reduced cost and duplication for identity management
- Reduced fraud, as a borrower can no longer take a loan against the same asset from multiple banks
- Allowance for the exchange of customer information such as data on wire transfers and investigatory reports
- Improved management of anti-money laundering (AML)
- Improved customer satisfaction
ShoCard has an open-patent portfolio with technology that can be used for password-less login. As user credentials are not stored on any computer, no personal or financial data is exchanged during transactions, eliminating data and identity theft and resulting in fast, trusted authentications.