PKO Bank Polski To Integrate Coinfirm's Blockchain Platform
PKO Bank Polski, Poland’s largest bank, has partnered with RegTech company Coinfirm to build an immutable record of client transactions and agreements using blockchain technology.
Headquartered in central Warsaw, PKO Bank Polski employs around 29,000 people and has a full-year net profit of over 7 billion PLN (more than 2B USD). Its assets are worth more than 285 billion PLN (around 80B USD). The bank is also present outside Poland, notably in Ukraine after the acquisition of KredoBank.
Coinfirm is a Regtech solutions provider known for its anti-money laundering (AML) and counter-terrorism financing (CTF) platform. The company’s blockchain AML/CTF compliance platform uses proprietary algorithms and big data analytics to provide structured actionable data that increases efficiency, reduces costs and streamlines compliance to near automation, taking the process from a double digit percentage of labor and time expenses to a practical, automated utility.
Under the partnership, PKO Bank Polski will integrate Coinfirm’s Trudatum platform, a blockchain platform designed to register and verify the ownership and authenticity of any type of data, with its current systems. PKO Bank Polski aims to roll out a production-ready service for verifying the authenticity of million of client documents and transaction records.
Every document recorded in the Trudatum blockchain ledger will be issued in the form of an irreversible hash file signed with the bank’s private key. The bank said the blockchain platform will allow a client to verify remotely if the files received from a business partner or from the bank are true, or if a modification of the document was attempted.
Pawel Kuskowski, co-founder of Coinfirm, said the company is conducting multiple tests of the technology with a number of banks, but PKO Bank is the first to take the plunge and move towards deployment.
“We’re sure that, in the coming years, financial institutions all over the world will be looking up to PKO BP and learning how to successfully apply blockchain,” Kuskowski said. “First, it demonstrates that big players are ready for blockchain implementations, and that there are a number of very significant use cases which are adding huge value not only to the bank, but also to its customers. Second, it overturns the myth of banks’ restraint with regard to blockchain innovations.”
“Blockchain meets the key requirements for durable media, guaranteeing confidentiality and integrity of the documents delivered to clients, which additionally increases the attractiveness of this technology for the banks,” said Grzegorz Pawlicki, director of PKO Bank Polski’s innovation bureau.
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