Polish major bank PKO Bank Polski recently announced its partnership with Blockchain Coinfirm to provide a DLT-based storage and audit system for bank documents, TechCrunch reported March 29.
The recently signed agreement aims to bring the Blockchain technology to the PKO banking system through the Trudatum tool developed by Coinfirm. The system will provide customers with secure means to access documents that contain information about rules, transactions, fees and commissions.
Anna Streżyńska, president of the Polish company Fintech MC2 Solutions, noted that banks are more interested in using Blockchain for document management systems, since the existing tools for informing customers do not meet the security requirements. Methods such as e-mail or notifications on the website may be subject to change and deletion of data.
“The banking sector, supported in this by the Polish Banking Association or the National Clearing House, therefore seeks technological solutions to this problem. And tests various solutions, including Blockchain technology. “
The Blockchain storage system can also save the cost of operating PKO, as it eliminates the need for costly paper documentation for more than 9 million customers.
According to the vice-president of PKO Bank Adam Marchinyak, the bank began testing Trudatum last year. After successful testing, the bank signed an agreement on continuing cooperation on the project.
“Last year, we started testing the Trudatum platform, developed by Coinfirm. Since the tests in the banking environment were very satisfactory, we decided to work more closely. We believe that together we will be able to conduct an innovative operation to introduce Blockchain technology into the Polish banking sector. “
Earlier this week Cointelegraph reported that the Bank of England is working with payment solution developers to test compatibility with Blockchain for its new gross payment system