FORM 2
THE PATENTS ACT, 1970
(39 of 1970)
&
THE PATENT RULES, 2003
COMPLETE SPECIFICATION (See Section 10 and Rule 13)
TITLE OF INVENTION
METHOD AND SYSTEM PROVIDING BLOCKCHAIN BASED BANK ACCOUNT NUMBER PORTABILITY
APPLICANT
Tata Consultancy Services Limited; A company Incorporated in India under the Companies Act, 1956 Having address at Nirmal Building, 9th floor, Nariman point, Mumbai 400021, Maharashtra, India.
PREAMBLE TO THE DESCRIPTION
The following specification particularly describes the invention and the manner in which it is to be performed.

TECHNICAL FIELD [001] The disclosure herein generally relates to a field of banking data management and, more particularly, a system and method for porting an existing bank account number to offer a seamless transition of the account number and related records to an alternate banking service provider.
BACKGROUND [002] In present days, given a free choice, customers invariably switch their preference for products and services that offers better value according to their perception. In some situations, however, their decision to continue with the existing arrangements arises out of compulsion. Fear of having to put up with unintended or undesirable consequences, as an outcome of the decision to switch, is one of the major causes restricting customers from switching loyalties. Disillusioned accountholders of banks often feel such predicament of being “locked in” primarily because of the sheer complexities and entanglements caused by the number of activities linked to their accounts. A fully functional bank account number portability (BANP) process must have the potential to overcome the obstacles associated, and offer seamless transition of an existing account number and related records to an alternate banking service provider. The challenge remains in designing and implementing a process that takes care of this transition whereby the new service provider retains the existing account number particulars together with the standing instructions, and the customer need not inform the counterparties to the transactions, either current or future, of the change. There are a plurality of challenges is posed by BANP. Some of the challenges are as follows:
A. The source bank and destination bank can have different technology
setups.
B. The regulatory compliance practices at either bank can have slight
variation in process followed.
C. The schema of data storage and retrieval can be expected to be
different on different banking platform.

D. There can be situations where account number intended to be ported is
identical to the existing account number.
E. Porting transaction have to be carried out with minimum possible
downtime to avoid disruptions.
[003] The emergence of blockchain technology is closely associated with the existence of Bitcoin digital asset, as it is this technology that underpins to determine and maintain bitcoin transactions in a distributed ledge. Various Blockchain or Distributed Ledger Technology (DLT) platforms today are fostering partnerships between multiple organizations in a value chain, eliminating redundancies and improving efficiencies. It is being explored in areas as varied as digital identities and registries, payments, clearing and settlement and information exchanges. Organizations are interested in integrating blockchain technology into their business processes.
[004] Thus, solutions or platforms that ensures a disruption free transition of customer information, account particulars and transaction history only after consensus is built, so as to accommodate current and future transactions, without the need of informing any of the counterparties.
SUMMARY [005] Embodiments of the present disclosure provides technological improvements as solutions to one or more of the above-mentioned technical problems recognized by the inventors in conventional systems. For example, in one embodiment, a method and system providing a gateway that enables interoperability between two or more independent ecosystems in a block chain environment.
[006] A method for providing a blockchain based bank account number portability (BANP). The method comprises one or more steps as receiving a request from a user to port his/her account number from a source bank to a

destination bank, assessing the received request from the user to assess an
internal policy of the source bank and the destination bank to approve the request
from the user, verifying if there are any sanctions on the free movement of
funds/account which would prevent the intended movement of the account from
the source bank to the destination bank as also to reassess the relationship
between the source bank and the customer, pursuant to the actual porting of the account, generating a standardized porting message using a predefined distributed ledger technology (DLT) ecosystem, porting the bank account number from the source bank to the destination back using the DLT ecosystem, wherein a regulator node of the DLT ecosystem receives the transaction status of the account number as ported from the source bank to the destination bank.
[007] A system is configured for providing a blockchain based bank account number portability (BANP). The system comprising at least one memory storing a plurality of instructions, and one or more hardware processors communicatively coupled with the at least one memory to execute one or more modules. The system comprises a receiving module, a policy assessment module, a sanction verification module, an account analysis module, a message generation module, and a porting module. The receiving module is configured to receive a request from a user to port his/her account number from a source bank to a destination bank. The assessment module is configured to assess an internal policy of the source bank and the destination bank to approve the request from the user, wherein the source bank assesses its relationship with the user in view of his/her decision to sever the relationship for the said bank account number. The verification module is configured to verify if there are any sanctions on the free movement of funds/account which would prevent the intended movement of the account from the source bank to the destination bank as also to reassess the relationship between the source bank and the customer, pursuant to the actual porting of the account. The analyzing module is configured to analyze one or more already existing bank account numbers with the destination bank to avoid duplication of the account number. The generation module is configured to

generate a standardized porting message using a predefined distributed ledger technology (DLT) ecosystem, wherein the standardized porting message includes a unique porting transaction identification number, one or more particulars of the account number of the user, and one or more predefined fields required for KYC/AML. And finally, the porting module of the system is configured to port the bank account number from the source bank to the destination back using the DLT ecosystem, wherein a regulator node of the DLT ecosystem receives the transaction status of the account number as ported from the source bank to the destination bank.
[008] It is to be understood that both the foregoing general description and the following detailed description are exemplary and explanatory only and are not restrictive of the invention, as claimed.
BRIEF DESCRIPTION OF THE DRAWINGS [009] The accompanying drawings, which are incorporated in and constitute a part of this disclosure, illustrate exemplary embodiments and, together with the description, serve to explain the disclosed principles:
[010] FIG. 1 illustrates a system for providing a blockchain based bank account number portability (BANP), in accordance with some embodiments of the present disclosure;
[011] FIG. 2(a) & 2(b) is a functional block diagram of BANP, in accordance with some embodiments of the present disclosure; and
[012] FIG. 3 is a flow diagram to illustrate a method for providing a blockchain based bank account number portability (BANP), in accordance with some embodiments of the present disclosure.
[013] It should be appreciated by those skilled in the art that any block diagrams herein represent conceptual views of illustrative systems and devices

embodying the principles of the present subject matter. Similarly, it will be appreciated that any flow charts, flow diagrams, and the like represent various processes which may be substantially represented in computer readable medium and so executed by a computer or processor, whether or not such computer or processor is explicitly shown.
DETAILED DESCRIPTION OF EMBODIMENTS [014] Exemplary embodiments are described with reference to the accompanying drawings. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. Wherever convenient, the same reference numbers are used throughout the drawings to refer to the same or like parts. While examples and features of disclosed principles are described herein, modifications, adaptations, and other implementations are possible without departing from the spirit and scope of the disclosed embodiments. It is intended that the following detailed description be considered as exemplary only, with the true scope and spirit being indicated by the following claims.
[015] The embodiments herein provide a method and a system to provide a blockchain based bank account number portability (BANP). It would be appreciated that a transaction lifecycle consists of six distinct stages, namely, instructed, initiated, approved, executed, settled, and archived. The one or more transactions will have to be accommodated, irrespective of stage of transaction lifecycle. A plurality of customer credentials, account information and transaction history have to be ported by a source bank to a destination bank. Future transactions have to be seamlessly rerouted amongst banks and a suitable mechanism has to be put in place centrally. Various activities dependent upon continuation of an account at the source bank will need to be reviewed and altered/dropped.
[016] One example of such activities are lockers against accounts with

periodic rentals and accounts used for trading in financial markets with customer authorized mandates to move funds from customer’s account to Broker’s (Group Company) account. The customer can potentially be a money launderer outside the knowledge of source bank and destination bank, under scrutiny by regulator. There can be cases of collusion between officials of different banks to abuse BANP for assisting unscrupulous customers in money laundering. In case of geographies/ecosystems without a centralized KYC system, there can be cases of delay in processing porting requests, especially when enhanced due diligence (EDD) becomes necessary. In cases of frequent porting requests made by one customer for the same account held periodically in different banks, updating information with the addressing service can be challenging.
[017] Referring now to the drawings, and more particularly to FIG. 1 through FIG. 3, where similar reference characters denote corresponding features consistently throughout the figures, there are shown preferred embodiments and these embodiments are described in the context of the following exemplary system and/or method.
[018] Referring FIG. 1, wherein the system (100) is configured for providing bank account number portability (BANP) wherein transition of a customer information, account particulars and transaction history only after consensus is built. The system is configured to accommodate current and future transactions, without the need of informing any of the counterparties. The transactions can continue undisturbed in the source bank till a consensus is built amongst different participants and the destination bank expresses its readiness to accept the account. The transaction either fails upfront or goes through in straight through processing (STP) mode causing minimum disruption to queued transactions. Credentials of the customer, account information and transaction history are ported for use at the destination/receiving bank. It would be appreciated that the simultaneous update of the current ownership of the account in all the participants’ ledgers can ensure seamless redirection of incoming credits

and outgoing credits, with the help of addressing service.
[019] In the preferred embodiment, the system (100) comprises at least one memory (102) with a plurality of instructions and one or more hardware processors (104) which are communicatively coupled with the at least one memory (104) to execute modules therein.
[020] The hardware processor (104) may be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, and/or any devices that manipulate signals based on operational instructions. Among other capabilities, the hardware processor (104) is configured to fetch and execute computer-readable instructions stored in the memory (102). Further, the system comprises a receiving module (106), a policy assessment module (108), a sanction verification module (110), an account analysis module (112), a message generation module (114), and a porting module (116).
[021] In the preferred embodiment of the disclosure, a receiving module (106) of the system (100) is configured to receive a request from a user to port the user’s account number from a source bank to a destination bank. It would be appreciated that wherein the account number is held in joint names consent of each account holder is needed as an operational requirement as required by banking regulations.
[022] Referring FIG. 2(a) & 2(b), as an example, wherein a customer expresses his intention to port his account number from bank A to bank B. This involves UI level changes with the option for porting as a service request, in case of an account held in a single name. In case of the account held in joint names, either on joint or anyone or survivor/former or survivor with more than one holder, the consent of all account holders is needed as an operational requirement. As such, channels such as mobile banking, internet banking, an automated teller machine (ATM), and telebanking or call center can only be used

for cases of single account holders. For cases of multiple account holders, consent in written form from all account holders in suitable porting request form, with an authorization to the first account holder to act on behalf of himself/herself and on behalf of other account holders, is a prerequisite. The source bank connects to a centralized web service set up by the regulator/central bank to obtain a unique porting transaction Id. This web service maintains a chronological record of all porting transaction requests (irrespective of the outcome) in order to ensure Service-Level Agreement (SLA) compliance by the participating banks and to allow for use of analytics by the regulator/central bank in connection with policy reviews and remedial action, if required. The unique porting transaction identification is generated at this stage and the customer receives a communication to this effect. This unique porting transaction identification becomes the point of reference for the entire transaction lifecycle.
[023] In the preferred embodiment of the disclosure, the policy assessment module (108) of the system (100) is configured to assess internal policy of the source bank and the destination bank to approve the request from the user, wherein the source bank assesses its relationship with the user in view of his/her decision to sever the relationship for the said bank account number. Also to amend or remove facilities the privilege customer is getting out of maintaining long term account with the bank. Facilities like revised low rate of interest on any loan taken, high valued credit cards, etc.
[024] In the preferred embodiment of the disclosure, the sanction verification module (110) of the system (100) is configured to verify if there are any sanctions on the free movement of funds/account which would prevent the intended movement of the account from the source bank to the destination bank as also to reassess the relationship between the source bank and the customer, pursuant to the actual porting of the account.
[025] In another embodiment, wherein the source bank undertakes a

feasibility check. It checks for sanctions from appropriate authority as from the Government or revenue authority. This could be in the form of Office of Foreign Assets Control (OFAC) specially designated nationals and blocked persons list, UN sanctions list, third party data sources or other financial institution or the bank feeds. In case of suspicious activities or currency transaction reports (SAR & CTR) or FinCEN reports, the bank assesses whether the ongoing surveillance activities warrant declining the porting request. Additionally, the government and revenue authorities are empowered by law to disallow withdrawals from accounts under seizure (credits to the accounts are rarely disallowed) until the matter is disposed of. In both these cases, the bank does not have a discretion of allowing the porting request to go through, and hence must turn down the request. It sequentially checks with regard to:
1. Government or revenue authority sanctions;
2. Internal sanctions/cases/disputes checks;
3. Risk profile alteration/relationship reassessment and cost recalculation; and
4. Porting fees/accrued fees and recoverable calculation.
Sequences 3 and 4 can take place only if the request makes it through Sequences 1 and 2. In case the request does not go beyond Sequence 1 & 2, the bank communicates its inability to the Customer. For the above-mentioned steps, the application connects to the data sources (internal & external) and determines the feasibility and charges before proceeding with the porting transaction request.
[026] In yet another embodiment, when the source bank satisfies itself that the porting request can be acted upon, and assesses the fees and charges to be recovered. Having determined the changes to be effected in other relationships with the customer as a result of the account ceasing to be with it, the source bank temporarily blocks funds needed to cover the charges/accrued fees and recoverable. It sends the information containing the Porting transaction request id, the account particulars with accountholder details, the national identifiers, the address of the customer and other minimum details required by the destination

Bank to assess the feasibility of accepting the customer in its fold, based upon KYC/AML check. The centralized KYC/AML system is not a prerequisite, however. The system should be able to take advantage of a centralized KYC/AML system, should such a system exist. Else, the destination bank should conduct its own due diligence on the incoming customer before giving/declining to give consent.
[027] In yet another embodiment, wherein the destination bank will get the request only when source bank approves the request post discussion with the customer by offering lucrative offer or mentioning the consequences the customer has to bear in terms of facilities he/she is getting so far from the current bank as a privileged customer. The destination bank then does a due diligence to accept or reject the porting request. But to make target bank porting, BANP has the mechanism to establish an aliasing service within the participating bank’s framework where in if there is any duplicity of bank account number from source bank to the destination bank, destination bank can generate their own account number and map the same with the incoming bank account number via aliasing service. Also, addressing service within BANP keeps track of account movement from one bank to another. Whenever someone is trying to transfer money using the old bank account details, BANP will first check the addressing service to track down the actual destination of the recipient and hence transfers the money to the right account in the latest bank.
[028] In the preferred embodiment of the disclosure, the account number analysis module (112) of the system (100) is configured to analyze one or more already existing bank account numbers with the destination bank to avoid duplication of the account number. The destination bank checks its system to determine whether an identical account number already exists. If there is no duplication, it performs a check whether the account number can be added to its database as a new record or an alias has to be maintained for mapping the account number to an internal account number as per the schema and the running serial order.

[029] In the preferred embodiment of the disclosure, the message generation module (114) of the system (100) is configured to generate a standardized porting message using a predefined distributed ledger technology (DLT) ecosystem. The standardized porting message includes a unique porting transaction identification number, one or more particulars of the account number of the user, and one or more predefined fields required for KYC/AML. Further, the generated standardized porting message comprising one or more parts, wherein at least one part of the one or more parts comprising credentials of the user at the source bank. Another part of the one or more parts comprising particulars of the account number, type of the account, and name of the destination bank opted by the user.
[030] In another embodiment, wherein the data is standardized as per the agreed format, mandated by the blockchain utility, thus making it uniform across all the parties and enabling the destination bank to convert it to its native format. The other nodes in the DLT ecosystem, namely, a regulator node, a centralized KYC/AML node (if applicable for the geography) and the addressing service are also able to decipher the standardized data. The message is converted from the native format to a standardized pre-agreed format to be read by all the participants of the DLT ecosystem, namely, the intended destination bank, the regulator, the centralized KYC/AML node (if applicable) and the addressing service (connected to payment nodes for routing and eventual updating).
[031] In the preferred embodiment of the disclosure, the porting module (116) of the system (100) is configured to port the bank account number from the source bank to the destination back using the DLT ecosystem. The regulator node of the DLT ecosystem receives the transaction status of the account number as ported from the source bank to the destination bank.
[032] It is to be noted that if an account number convention at the source

bank and at the destination bank is different, an aliasing service will be used at the destination bank to map the account number of the source bank with the destination bank account number convention.
[033] It would be appreciated that DLT ecosystem begins the consensus building process. The information is notified to the nodes of the destination bank (but not the nodes representing other banks), the regulator, the centralized KYC/AML (if applicable) and the addressing service. The destination bank checks the proposed transaction. The regulator checks whether there are any reasons like previous suspicious activities reported. The KYC/AML node returns Customer Due Diligence (CDD)/Enhanced Due Diligence (EDD) status. The addressing service checks if the proposed porting requires adding to or updating the database of account number and bank state branch code with the changed BSB code. An endorsement by every node is necessary for the proposed transaction to move to the next level. It would be appreciated that the one or more nodes in the DLT ecosystem comprising a source bank node, a destination bank node, an addressing service node, a regulator node, and a centralized KYC/AML node. The destination bank assesses customer due diligence status using the centralized KYC/AML node of the DLT ecosystem and conveys its ability to accept the porting request to the source bank node.
[034] Referring FIG. 3, a processor-implemented method (200) to bank account number portability (BANP) wherein transition of a customer information, account particulars and transaction history only after consensus is built.
[035] Initially, at the step (202), at least one request from a user is received to port user’s bank account number from a source bank to a destination bank. It is to be noted that if the bank account number is held in joint names consent of each holder of the joint account is needed as an operational requirement as required by banking regulations.

[036] In the preferred embodiment of the disclosure, at the next step (204), internal policy of the source bank and the destination bank is assessed at an assessment module (108) of the system (100). The source bank assesses its relationship with the user in view of his/her decision to sever the relationship for the said bank account number.
[037] In the preferred embodiment of the disclosure, at the next step (206), verifying if there are any sanction on the free movement of funds as well as the bank account at a verification module (110) of the system (100). The verification may prevent the intended movement of the account from the source bank to the destination bank as also to reassess the relationship between the source bank and the customer, pursuant to the actual porting of the account.
[038] In the preferred embodiment of the disclosure, at the next step (208), the one or more already existed bank account numbers with the destination bank is analyzed at an analysis module (112) of the system (100) to avoid duplication of the account number.
[039] In the preferred embodiment of the disclosure, at the step (210), generating a standardized porting message using a predefined distributed ledger technology (DLT) ecosystem at a message generation module (114) of the system (100). It is to be noted that the standardized porting message includes a unique porting transaction identification number, one or more particulars of the account number of the user, and one or more predefined fields required for KYC/AML.
[040] In the preferred embodiment of the disclosure, at the last step (212), porting the bank account number from the source bank to the destination back using the DLT ecosystem. It is to be noted that a regulator node of the DLT ecosystem receives the transaction status of the account number as ported from the source bank to the destination bank.

[041] The written description describes the subject matter herein to enable any person skilled in the art to make and use the embodiments. The scope of the subject matter embodiments is defined by the claims and may include other modifications that occur to those skilled in the art. Such other modifications are intended to be within the scope of the claims if they have similar elements that do not differ from the literal language of the claims or if they include equivalent elements with insubstantial differences from the literal language of the claims.
[042] The embodiments of present disclosure herein addresses unresolved problem of porting an account number from a source bank to a destination bank. It is to be noted that the source bank and the destination bank can have different technology setups and regulatory compliances practices at either bank can also have slight variation in process followed. There can be situations where account number intended to be ported is identical to an existing account number. Furthermore, the difference in account number pattern may also pose challenges at the destination bank. Further, the porting transactions have to be carried out with minimum possible downtime to avoid disruptions.
[043] It is to be understood that the scope of the protection is extended to such a program and in addition to a computer-readable means having a message therein; such computer-readable storage means contain program-code means for implementation of one or more steps of the method, when the program runs on a server or mobile device or any suitable programmable device. The hardware device can be any kind of device which can be programmed including e.g. any kind of computer like a server or a personal computer, or the like, or any combination thereof. The device may also include means which could be e.g. hardware means like e.g. an application-specific integrated circuit (ASIC), a field-programmable gate array (FPGA), or a combination of hardware and software means, e.g. an ASIC and an FPGA, or at least one microprocessor and at least one memory with software modules located therein. Thus, the means can include both hardware means and software means. The method embodiments

described herein could be implemented in hardware and software. The device may also include software means. Alternatively, the embodiments may be implemented on different hardware devices, e.g. using a plurality of CPUs.
[044] The embodiments herein can comprise hardware and software elements. The embodiments that are implemented in software include but are not limited to, firmware, resident software, microcode, etc. The functions performed by various modules described herein may be implemented in other modules or combinations of other modules. For the purposes of this description, a computer-usable or computer readable medium can be any apparatus that can comprise, store, communicate, propagate, or transport the program for use by or in connection with the instruction execution system, apparatus, or device.
[045] The illustrated steps are set out to explain the exemplary embodiments shown, and it should be anticipated that ongoing technological development will change the manner in which particular functions are performed. These examples are presented herein for purposes of illustration, and not limitation. Further, the boundaries of the functional building blocks have been arbitrarily defined herein for the convenience of the description. Alternative boundaries can be defined so long as the specified functions and relationships thereof are appropriately performed. Alternatives (including equivalents, extensions, variations, deviations, etc., of those described herein) will be apparent to persons skilled in the relevant art(s) based on the teachings contained herein. Such alternatives fall within the scope and spirit of the disclosed embodiments. Also, the words “comprising,” “having,” “containing,” and “including,” and other similar forms are intended to be equivalent in meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items, or meant to be limited to only the listed item or items. It must also be noted that as used herein and in the appended claims, the singular forms “a,” “an,” and “the” include plural references unless the context clearly dictates otherwise.

[046] Furthermore, one or more computer-readable storage media may be utilized in implementing embodiments consistent with the present disclosure. A computer-readable storage medium refers to any type of physical memory on which information or data readable by a processor may be stored. Thus, a computer-readable storage medium may store instructions for execution by one or more processors, including instructions for causing the processor(s) to perform steps or stages consistent with the embodiments described herein. The term "computer-readable medium" should be understood to include tangible items and exclude carrier waves and transient signals, i.e., be non-transitory. Examples include random access memory (RAM), read-only memory (ROM), volatile memory, nonvolatile memory, hard drives, CD ROMs, DVDs, flash drives, disks, and any other known physical storage media.
[047] It is intended that the disclosure and examples be considered as exemplary only, with a true scope and spirit of disclosed embodiments being indicated by the following claims.

We Claim
1. A system comprising:
at least one memory storing a plurality of instructions;
one or more hardware processors communicatively coupled with the at least one memory, wherein the one or more hardware processors are configured to execute one or more modules;
a receiving module configured to receive a request from a user to port his/her account number from a source bank to a destination bank, wherein the account number is held in joint names consent of each account holder is needed as an operational requirement as required by banking regulations;
an assessment module configured to assess an internal policy of the source bank and the destination bank to approve the request from the user, wherein the source bank assesses its relationship with the user in view of his/her decision to sever the relationship for the said bank account number;
a verification module configured to verify if there are any sanctions on the free movement of funds/account which would prevent the intended movement of the account from the source bank to the destination bank as also to reassess the relationship between the source bank and the customer, pursuant to the actual porting of the account;
an analyzing module configured to analyze one or more already existing bank account numbers with the destination bank to avoid duplication of the account number;
a generation module configured to generate a standardized porting message using a predefined distributed ledger technology (DLT) ecosystem, wherein the standardized porting message includes a unique porting transaction identification number, one or more particulars of the account number of the user, and one or more predefined fields required for KYC/AML; and

a porting module configured to port the bank account number from the source bank to the destination back using the DLT ecosystem, wherein a regulator node of the DLT ecosystem receives the transaction status of the account number as ported from the source bank to the destination bank.
2. The system claimed in claim 1, wherein one or more nodes in the DLT ecosystem comprising a source bank node, a destination bank node, an addressing service node, a regulator node, and a centralized KYC/AML node.
3. The system claimed in claim 1, wherein the destination bank assesses customer due diligence status using the centralized KYC/AML node of the DLT ecosystem and conveys its ability to accept the porting request to the source bank node.
4. The system claimed in claim 1, wherein the generated standardized porting message comprising one or more parts, wherein at least one part of the one or more parts comprises of credentials of the user at the source bank, further wherein another part of the one or more parts comprising particulars of the account number, type of the account, and name of the destination bank opted by the user.
5. The system claimed in claim 1, wherein an account number convention at the source bank and an account number convention at the destination bank is different, an aliasing service is used at the destination bank to map the account number of the source bank with the destination bank account number convention.
6. A processor-implemented method comprising one or more steps of:
receiving a request from a user to port his/her account number

from a source bank to a destination bank, wherein the account number is held in joint names consent of each account holder is needed as an operational requirement as required by banking regulations;
assessing an internal policy of the source bank and the destination bank to approve the request from the user, wherein the source bank assesses its relationship with the user in view of his/her decision to sever the relationship for the said bank account number;
verifying one or more sanctions on the free movement of either on funds or on account, wherein the one or more sanctions may prevent the requested movement of the account from the source bank to the destination bank and reassessing the relationship between the source bank and the customer, pursuant to the actual porting of the account;
analyzing one or more already existing bank account numbers with the destination bank to avoid duplication of the account number;
generating a standardized porting message using a predefined distributed ledger technology (DLT) ecosystem, wherein the standardized porting message includes a unique porting transaction identification number, one or more particulars of the account number of the user, and one or more predefined fields required for KYC/AML; and
porting the bank account number from the source bank to the destination back using the DLT ecosystem, wherein a regulator node of the DLT ecosystem receives the transaction status of the account number as ported from the source bank to the destination bank.
7. The method claimed in claim 6, wherein one or more nodes in the DLT ecosystem comprising a source bank node, a destination bank node, an addressing service node, a regulator node, and a centralized KYC/AML node.
8. The method claimed in claim 6, wherein the destination bank assesses customer due diligence status using the centralized KYC/AML node of

the DLT ecosystem and conveys its ability to accept the porting request to the source bank node.
9. The method claimed in claim 6, wherein the generated standardized porting message comprising one or more parts, wherein at least one part of the one or more parts comprises of credentials of the user at the source bank, further wherein another part of the one or more parts comprising particulars of the account number, type of the account, and name of the destination bank opted by the user.
10. The method claimed in claim 6, wherein an account number convention at the source bank and an account number convention at the destination bank is different, an aliasing service is used at the destination bank to map the account number of the source bank with the destination bank account number convention.