15 cooperative banks already use a blockchain based durable medium

Digitalisation of processes and documents and remote signing of agreements – these are two out of more than a dozen key functionalities of the solution offered by Atende to cooperative banks. 15 banks have already taken the first important step towards digital transformation by choosing to implement the Durable Medium for public documents. Three of these banks successfully use Atende’s private document solution as well to digitally support back-office processes and customer contact. The ChainDoc solution used by these banks, implemented by Atende, is based on a private blockchain network, where NASK SA is the central trusted institution and Novum acts as the industry institution. In the era of remote work, these functionalities, which ensure durability and invariability of digital transactions and processes, have become even more important.

Nowadays, cooperative banks – with which we have the pleasure of working – are prepared to provide digital customer service in a new reality that has surprised us all. We are pleased that we have been able to participate actively over the last few months in their digital transformation which we believe to be a genuine one. Thanks to the implementation of an electronic, durable medium, customers of these banks do not have to collect paper mail and visit the bank’s branch to put their signature — said Jacek Szczepański, Sales Vice-President at Atende SA.

A dynamic trend based on the following development trajectories has been evident for over a year now in the cooperative banking sector:

Digitalisation of processes towards a paperless model, including through an electronic durable medium;

Handling of private documents containing encrypted sensitive data (balances, statements, etc.) in digital format;

Digital signing of orders and agreements based on a biometric signature or text message acceptance;

Building a fully digital archive of documents held digitally on a durable medium, equivalent to a departure from paper files;

Quick access to all historical customer interactions and customer documentation;

Digital communication with the bank's shareholders through distribution of digital documents, acknowledgement of reading them, as well as remote acceptance;

Creating entirely new services on the basis of a remote signature under an offer or agreement.

This trend translates into a completely new quality of customer service, while significantly reducing the costs of processing which is primarily related to the abandonment of paper-based document circulation.

For more than a year, Atende has been developing a platform of industrial, private blockchain networks with the so-called trusted nodes that guarantee events in their sectors. Complementary approach to the needs of customers who decide to digitalise presupposes that they have access to the WORM document repository that complies with the right to be forgotten under the requirements of the GDPR. At present, Atende’s ChainDoc solution is used by more than a dozen financial institutions, two insurance companies and two local government institutions.