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.
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