IBM partners Crédit Mutuel for KYC compliance via blockchain

The companies have created an operational permissioned blockchain network that supports compliance with Know Your Customer (KYC) requirements via an open-source Hyperledger Project fabric.

Crédit Mutuel Arkéa group and IBM explain that they are working to create a single but cross-businesses KYC platform to inform all of the bank’s processes by unifying the different silos of customer data. This will reduce unnecessary duplication of information and requests. The blockchain technology identifies and uses all valid existing evidence already stored in the bank’s multiple systems of record such as from mortgage applications or life insurance enrolment and bank accounts opening.

The companies explain that the software reinforces critical features like consistency, traceability and privacy of the information in a highly regulated environment. One day Crédit Mutuel Arkéa could enable its customers to deliver proof of their identity to third-parties such as local utilities, retailers or regulated service providers, according to financemagnates.com.