The consortium has been formed in collaboration with Primechain Technologies, a blockchain startup, and includes members such as State Bank of India (SBI), ICICI, and DCB Bank.
Its first project called Clear-Chain (c2) is a permissioned blockchain for integrated and shared KYC (Know Your Customer) and AML/CFT (Anti-Money Laundering and Counter Terrorism Financing). The Version 1.0 alpha 1 of Clear-Chain was released on 27 April 2017. Currently, Clear-Chain is being tested by member banks. The platform allows sharing of KYC data, investigation reports, suspicious transaction reports, and cross-border wire transfer reports.
Records are available to all members as soon as they are entered into Clear-Chain, according to the official website. The platform also has a “regulator node” which provides regulators with granular access to c2 data. The subsequent alpha and beta versions are yet to be announced.
In addition to Clear-Chain, the consortium is also exploring blockchain applicability in other areas including syndication of loans, trade finance, asset registry and asset re-hypothecation, secure documents, cross-border payments, peer-to-peer payments, and blockchain Security Controls.
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