The group of banks aim to develop a blockchain technology-based system that identifies and records clients when they open an account for the first time, and plans to launch the platform by the end of 2018.
Niuron believes that the new blockchain platform will decrease the time required for the registration process and provide clients with more control over their personal data, the online publication continues. Once the platform is completed, clients’ data will be shared between different banks and financial institutions. While ostensibly simplifying digital identification, it will also comply with recent EU General Data Protection Regulation (GDPR) rules and modern security standards.
The Niuron consortium includes Abanca, Bankia, Caixabank, Caixa Ontinyent, Ibercaja, Kutxabank, Liberbank, Unicaja Banco, and Cecabank. According to an Economipedia report based on assets and capitalization, Caixabank was Spain’s third largest bank in 2017. Ibercaja, Kutxabank and Abanca were also included in country’s top 10.
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