Poland’s Largest Bank To Launch Blockchain Document Storage System

Blockchain, News | September 20, 2018 By:

PKO Bank Polski, Poland’s largest bank, has announced that it will launch a blockchain solution for its customer documents “in the coming days.”

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.

In March of this year, PKO Bank Polski partnered with Coinfirm, a RegTech solutions provider, to integrate Coinfirm’s Trudatum blockchain platform. The system, which will be rolled out in the coming days, will provide customers with a secure means to access banking documents containing information regarding regulations, transactions, fees, and commissions.

“Blockchain has the potential to increase the competiveness of the Polish banking sector,” said Adam Marciniak, vice president of the bank’s management board. “PKO Bank Polski is successfully implementing a strategy focused on digitization, and the implementation of blockchain based solutions is part of this process and should strengthen our position as a technological leader in Polish banking.”

Paweł Kuskowski, Coinfirm CEO and co-founder, said that this demonstrates that the Polish financial sector is open to innovation and wants to become an international trend setter.

“The implementation of Trudatum in an institution as large as PKO is a breakthrough on a global scale,” said Kuskowski.