Synechron, R3 to develop DLT-based KYC platform

The project aims to solve the problems around data collection, data validation, customer experience, and data privacy plaguing existing KYC processes in corporate banking. The solution will build upon a point-to-point, secure and self-sovereign vision toward digital identity and verifiable corporate data.

The consulting company will join others to develop a KYC solution built on R3’s financial grade distributed ledger ‘Corda’. Named ‘LEIA 2’, the project includes 12 banks located across 4 continents and is one of the largest collaborative DLT efforts in 2017, according to EconoTimes. It started in July 2017 with a three-month sprint to identify objectives and business requirements, define a roadmap, and develop a functional prototype on top of the Corda platform.