R3 Corda Sees First Blockchain KYC Trial Completed Between 26 French Companies And 5 Banks
One Of The First Blockchain-Based KYC Trial Has Been Completed: Thanks To Collaboration Between 26 French Companies And Five Banks
Between a series of banks and approximately Twenty-Six companies based out of France, have managed to successfully completed a test of blockchain for the use of anti-money laundering policies such as Know Your Customer (KYC). This development was brought to our attention through a company-related press release which was released by the entrant firm RCI Bank and Services which made it public as of December 3rd.
Being known commonly as a France-basd automotive financing and insurance firm, RCI Bank and Services released a number of details of a blockchain solution centered around customer related applications of it, which was put under trial in conjunction with the blockchain consortium, R3.
Within the confines of the report, the Proof of Concept (PoC) test was officially commenced with the collaboration of AFTE, which is otherwise known as the Association Française des Trésorier d'Enterprise. This organization is a local network of treasury and finance professionals.
It was revealed by one of the participants of the test, RCI Bank and Services, which is one of the members of the R3 Consortium, those participating in the trial were able to effectively implement Know Your Customer-based requests within a shared network. This allowed banks to request access to data and enterprise clients, allowing them to more effectively approve or revoke access, with all of the relevant data being recorded and safely stored on the blockchain.
R3's own Corda anti-money laundering policies centered around blockchain, effectively involved five French banks, including the multi-national financial conglomerate, BNP Paribas, and Sociéteé Générale. This trial also featured companies that specialized in various fields like insurance, consulting, the automotive and industries related to food, including retail such as Allianz France Insurance Company, and Natixis Insurance.
The KYC solution that was brought forward by Corda had managed to achieve two remarkable goals, according to the AFTE Fintech Commission chairman, Ignacio Sánchez-Miret. These goals included: “bridging the gap and demystifying blockchain for corporates,” as well as “bringing together banks, insurers and corporates to work together at the same level,” this is according to a report by the UK-based Fintech media outlet, Fintech Futures.
In early November this year, BNP Paribas also participated in a blockchain-backed loan of approximately $150 million. This project was undertaken with the support of the second most powerful banks in Spain: the Banco Bilbao Vizcaya Argentaria (BBVA).