Insurance Corporation of Barbados to utilize blockchain technology in partnership with Bitt
The Insurance Corporation of Barbados Ltd (ICBL) has announced an agreement with Caribbean blockchain payments company Bitt Digital Inc. (Bitt) to utilize blockchain technology solutions. ICBL will look to Bitt to help boost efficiencies on behalf of customers.
The partnership agreement includes strengthened compliance monitoring and reporting, the issuance of insurance claims using blockchain technology, increased automation of client information and convenient payment and merchant solutions.
One customer facing component of the agreement is the introduction of a new digital payment solution using Bitt’s mobile wallet application.
Through Bitt’s mMoney Mobile Wallet application, ICBL customers would be able to make secure payments using their phones and have access to payment history
All components of the agreement would be backed by an anti-money laundering (AML) Compliance System, Know Your Client (KYC) Compliance System, a Financial Operations Management Panel that enables financial operators to monitor company activity and Bitt’s Management System that is designed to maintain product data and ensure data integrity.
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