Al Rajhi Bank Continues to Conduct Secure Money Transfer Transactions through the “Blockchain” Initiative

25 December 2018

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Al Rajhi Bank continues to conduct secure, cross-border transactions using the new ‘Blockchain’ technology with correspondent banks around the world. The new transactions were recently carried out in collaboration with IndusInd Bank in India, where Blockchain was used for remittance payments between Saudi Arabia and India.

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In October 2017, Al Rajhi Bank successfully completed a pilot external transfer using this technology from its head office in Riyadh to one of its branches in Jordan, in an unprecedented development in Saudi Arabia.

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“We are happy to invest in the most innovative technologies to provide our customers with the products and services they need in this digital era,” said Abdulrahman Al- Fadda, Treasury General Manager at Al Rajhi Bank. He added: “We live in a time where our customers expect to receive and send their transfers instantly, be it local or international.”

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This step is considered a huge milestone that proves the technological superiority of Al Rajhi Bank, which enriches the customer experience, and is also a result of Al Rajhi Bank’s continuous efforts to transform its digital banking services. The new initiative is expected to give the customers a seamless experience by shortening the amount of time the transfers take, reducing the costs while increasing the accuracy of the processes. In addition, the Blockchain technology instantly makes adjustments with the beneficiary banks. These new developments reflect Al Rajhi Bank’s keenness on being the pioneer of digital banking by capitalizing on the latest technology to provide the customers with the best-quality services. ​

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