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South Indian Bank (SIB), in partnership with a leading currency exchange house in West Asia, has successfully executed overseas transactions using block-chain technology.
With this, SIB joins a niche group of banks in the global market to exchange and authenticate remittance transaction messages on block-chain in real time. The pilot transaction was successfully executed by forex transaction from the UAE to India.
The implementation of the block-chain technology in transaction platforms conforms to the bank’s strategy to embrace the latest technology to ensure faster and safer transaction settlements. Besides delivering customer exuberance, this technology is simple, automated and fully secured with minimal data loss.
At present, SIB has a tie-up for inward remittances with four banks and 34 exchange houses in all GCC countries, and in South East Asian countries such as Singapore, Australia and Hong Kong. The bank has been aggressive in digital innovations and has launched its in-house developed mobile app, SIB Mirror+, which offers secured digital e-lock for its customers to lock their accounts at their convenience.
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