Large banks complete KYC trial on R3s 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.