Large banks complete KYC trial on R3s Corda blockchain platform

Friday 29 June 2018 10:40 CET | News

BNP Paribas, ABN AMRO, and Deutsche Bank have completed over 300 transactions on a KYC application built on R3’s Corda blockchain platform.

The regulators and central banks involved were 39 in total and included also Banco de la República, Federal Reserve of Boston, Superintendencia Financiera de Colombia, and Superintendencia de Banca Seguros y AFP de Peru.

The transactions were conducted in 19 countries across eight time zones. The participating companies deployed and ran 45 nodes in Microsoft Azure, demonstrating the power of collaboration using shared business logic on the Corda network, R3 said.

During the trial, banks were able to request access to customer KYC test data, as well as communicate and manage test customer KYC data across the Corda network using a CorDapp designed and built by Synechron. On the other hand, customers were able to approve requests and revoke access and also update their test data which was then automatically updated for all banks with permission to access it.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: BNP Paribas, ABN AMRO, Deutsche Bank, R3, Corda, blockchain platform, KYC, banks, data
Countries: World