PKO Bank Polski will adopt the technology to cut down the costs and to ensure clients can access the documents securely. In addition to having the documents stored immutably and permanently on the blockchain.
PKO Bank Polski is partnering with Confirm for a storage and verification system. It is based on the distributed ledger to handle banking documents.
The two entered into an agreement that will see them provide customers. It is a means to securely access information about regulations, transactions, fees, and commissions.
Coinfirm developed the Trudatum tool and the bank started testing it last year. Thus the agreement is after a successful testing of the solution. Coinfirm founders Paweł Kuskowski, Pawel Aleksander, and Maciej Ziółkowski have experience in cryptocurrency and banking sectors. They also run the AMC/KYC platform for investment.
“Together with Pawel Aleksander we decides to leave the banking world as we saw that the AML process in the financial industry is on break. It’s very arbitrary, takes thousands of people, and has a very low efficiency”, says Kuskowski. “Our early observation of the digital currency space and its challenges showed a huge need for AML solutions.”
PKO Bank Vice President Adam Marciniak said,
“We believe that together we will be able to carry out a pioneering operation of implementing Blockchain technology into the Polish banking sector”.
With it, the client can verify remotely if the file received from the bank or business partner is true. Else if there was some modification attempted on it.
Secure and cost-effective
Banks are adopting blockchain for document management systems. As it turns out to be more secure than traditional and existing tools. This is according to a president of Polish fintech company MC2 Solutions, Anna Streżyńska.
For instance, it is possible to remove emails and website notifications but this is not the case with blockchain-based storage systems. However, the blockchain is able to permanently and immutably store data.
It will also be a means of cutting costs by PKO since it removes paper documentation for over 9 million customers.