Banco Guayaquil uses blockchain in customer solution

This press release was published using machine translation.

Guayaquil, Ecuador, 18 de febrero, 2020: Banco Guayaquil - with the largest financial network in Ecuador - and IBM (NYSE: IBM) announced a solution for the financial sector in Ecuador built on the IBM Blockchain Platform, which allows bank customers to redeem points for flights, hotel reservations, vehicles, and acquisition of other products through the network. The program is now available to all Bank customers, who, by accessing its website, can enjoy these benefits.

The blockchain solution seeks to provide bank bank customers with more facilities, creating a trade network that allows real-time registration of all point exchanges in their loyalty program, with a unique source of digital information, both for companies that provide the benefits, as for end customers.

"Our customers are increasingly using digital tools such as our virtual banking and banking transactions app," says Juan Luis Reca, Vice President of Technology at Banco Guayaquil. “The incorporation of blockchain into our digital points program ensures that every time a transaction is made, the points are recorded for their consumption and there are no doubts for the customer or for the establishments members of the network about the exchanges made. The network allows everyone to have knowledge of the information in real time, digitally and documented by blockchain. ”

YouTravel - travel agency focused on flights, hotels, cars, as well as tour packages - and Promotic - eCommerce company - are some of the companies that are already part of the program and whose products can be exchanged by the end customers for the points of the Guayaquil Bank. Each exchange of points is stored digitally in the network and, Banco Guayaquil, as well as the associated companies can access the information in real time and monitor how many points were exchanged, how many are left to each client, which was the company that exchanged the points , among others.

“Banco Guayaquil handles thousands of transactions a day. With IBM blockchain technology based on IBM Public Cloud, the bank intends to work with the retail ecosystem in Ecuador and build a digital point program nationwide, ”says Daniel Juarez Dappe, Cloud and Cognitive Manager of IBM Ecuador. "The solution is designed to help reduce fraud, errors, and the delay time of each point exchange transaction, as well as improve transaction management, reducing costs."

The work between Banco Guayaquil and IBM was carried out through IBM Garage, a co-creation experience that helps companies of all industries and sizes identify business problems, as well as the best technological solution that can help solve them. The IBM Garage methodology drives innovation through the use of IBM Public Cloud, a cloud platform with more than 130 services such as artificial intelligence, Internet of things, blockchain, quantum computing and DevOps.

About Banco Guayaquil

Banco Guayaquil is the largest financial services network in Ecuador, with 95 years of experience. First Ecuadorian bank to obtain AAA rating, it offers a wide variety of financial services through its more than 8,000 points of attention. Banco Guayaquil manages the Visa, Mastercard and the exclusivity of American Express. www.bancoguayaquil.com