Quisk, a Silicon Valley- headquartered provider of secure digitized cash payment network for banks and financial institutions around the world, announced today that it will begin incorporating Blockchain technology into its platform.

This mirrors Smart Dubai Government’s efforts to deploy blockchain to create a paperless city by 2020, the company said.

As Smart Dubai Government’s strategic partner for digital payments, Quisk will now store all transaction ledgers on a Quisk Blockchain accessible by all banking customers.

Banks will be able to seamlessly access transaction details from their backend operations, including merchant settlement, core banking reconciliation, and any domestic or international cross border remittances.

Customers that leverage the Quisk Blockchain can use their existing customer touchpoints to accept or distribute money; alternatively they can use Quisk’s existing “last mile” customer touchpoints on POS, online, SMS and mobile channels, the company said.

Ziad Alshobaki, managing director of Quisk Middle East and a member of Dubai’s Global Blockchain Council, sees two primary advantages of a new Quisk Network Blockchain.

“This benefits our prospective customers in a clear and compelling way: Banks will be able to directly connect to and utilise Quisk’s Blockchain as a plug-and-play solution linking directly to the source of funds for any customer without the cost and time of a new implementation, all in addition to the digital front end services we currently provide to customers today.”

Steve Novak, chairman and CEO, agrees. “We believe Blockchain has a huge value not only in Dubai, but across Mena and the Far East because it facilitates a secure and regulated platform for cross-border remittances while reducing the costs and burden of banks deploying Blockchain on their own,” he says.

“Most remittances involve multiple parties, and are slow and expensive. Blockchain provides a means by which we can streamline the process, thereby making these transactions faster and cheaper for the parties involved.” – TradeArabia News Service