The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Fintech

Polish banks to put millions of confidential records on blockchain

Distributed ledger technology could be answer to GDPR for banks worried their legacy systems will struggle to cope with customer rights over their records.

Andrzej-Horoszczak-780

Billon’s chief executive Andrzej Horoszczak

Trading futuristic-sounding crypto-assets or conventional securities across new blockchain networks promising instantaneous transfer of value all sounds very exciting. Storing and updating millions of banking records, loan documents and terms and conditions, associated with insurance and other financial products, does not.

But the decision in May by the Polish credit office, Biuro Informacji Kredytowej (BIK), the largest credit bureau in central and eastern Europe (CEE), to implement blockchain for storage and secure access to sensitive customer information may eventually prove a far more significant shift in the technological underpinnings of global banking than the emergence of bitcoin futures or billion-dollar equivalent initial coin offerings.

BIK, which is owned by the largest banks in Poland, including Pekao, ING, mBank, Santander and Citi, tracks nearly 140 million credit histories of over 24 million people and one million businesses. As the Polish banking system grows, large volumes of new records are created and existing ones updated each month, placing an increasing strain on these banks’ creaking legacy back-office systems at a time of new data regulation and shifting customer expectations over speedy access to records.

Eight Polish banks have been in trials since last November with Billon, a Warsaw-headquartered blockchain technology company founded in 2012, which is also an FCA-registered e-money institution.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree