Five French banks and 21 firms have completed a trial of blockchain software specialist R3’s new know-your-customer (KYC) platform.
The CordaKYC application is a prototype designed and built by ICT and consulting company Synechronis on the Corda blockchain platform and hosted on Microsoft Azure.
The platform may not be adopted by R3, which is currently in the process of determining which applications will be launched together.
French firms across a variety of sectors, including department stores, food processing, pharmaceuticals, insurers, investment managers and aerospace, collaborated with the French banks to test the CordaKYC solution.
Participants included AFTE, Allianz France Insurance Company, Alten, BNP Paribas, bioMérieux, Crédit Agricole, Daher, Danone, Engie, Natixis, Ostrum, Pierre et Vacances, RCI Bank and Société Générale.
Firms were able to simulate KYC requests amongst the group. The banks could request access to KYC test data, and firms had the ability to approve requests and revoke access.
The businesses were also able to update their test data, which was then automatically updated for all participants with permission to access it.
Categories: Trade Based Financial crimes News