Emirates NBD has introduced a new initiative known as Cheque Chain to integrate blockchain technology into cheques.

Cheque Chain is currently being trialled with the bank’s employees, and will be launched for customers later in 2017.

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During the initial phase, unique QR (Quick Response) code will be printed on cheque leaf to minimise potential fraud.

In the later phases, the QR code will register each cheque on the bank’s blockchain platform to allow its employees validate a cheque’s authenticity and have access to its source anytime.

In order to further ease the cheque clearance process, a string of 20 random characters on the MICR (Magnetic ink character recognition) band of the cheque leaf will be added.

Emirates NBD group chief operating officer Abdulla Qassem said: “Having established our leadership in the UAE banking sector in exploring the potential of blockchain technology, we are delighted to be the first bank in the country to utilise this remarkable new technology to strengthen and upgrade our internal processes.

“The launch of this initiative is also in line with our commitment to customers to prevent fraud and ensure the security and safety of their transactions at all times. Cheque Chain will bring an added layer of security to our cheque clearing system, and ensure that each cheque issued will be verified under the bank’s system with its own unique QR code providing significant improvement in cheque security.”