Deutsche Bank, HSBC, MUFG complete PoC of blockchain-based shared KYC with IBM

Tuesday 21 November 2017 10:13 CET | News

IBM has completed successfully phase I proof-of-concept (POC) of its Shared Corporate Know Your Customer (KYC) project with Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG).

Furthermore, Cargill and IBM Treasuries have also taken part to the project. Through the Shared KYC POC, IBM demonstrated how the blockchain-based IBM shared KYC platform provides a decentralized mechanism for banks to collect, validate, store, share, and refresh trusted KYC information of corporate customers.

The overall objectives of the Shared KYC project are to define harmonized standards for the collection and validation of certain core documents, eliminate repetition of mundane documentary tasks, create a sharing economy environment, digitize all corporate KYC information to preserve authenticity and accuracy, and increase transparency.

Furthermore, this initiative aligns with the Monetary Authority of Singapore’s vision to drive innovation in modernizing Singapore’s Finance Infrastructure, and at the same time, enhances transparency into KYC processes performed by banks.

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Keywords: IBM, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, MUFG, blockchain, KYC, shared KYC, PoC
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech