Yesterday, the Polish Credit Office (Biuro Informacji Kredytowej – BIK) said its blockchain document management platform developed in collaboration with the Billon Group is now live in Poland. The solution allows retail banks in the country to send notifications of commissions and fees to their customers using blockchain, and stores entire documents on the chain.
BIK is the largest credit bureau in Central and Eastern Europe and is owned by the biggest banks in Poland. It maintains records of 25 million Poles and over a dozen Polish banks.
The BIK Blockchain Platform enables banks in Poland to eliminate paper-based communication with its clients and is compliant with MiFID II investment regulations, GDPR privacy rules, and other related regulations. Currently, manual processes for client-side notifications are carried out using emails and physical letters. This creates significant inefficiencies and security and privacy risks.
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