Blockchain startup R3 reported that more than 39 of his partners have tested the application KYC platform Corda, demonstrating cooperation in the application of common business logic in the system. For 4 days they made more than 300 transactions across 19 countries, 8 time zones, using 45 node on Microsoft Azure.
Banks could request information about the clients in the framework of KYC policy, and customers can update the information in the system, it was automatically granted in a new form for all banks who have had appropriate access to it.
In testing innovations participated of ABN AMRO, ALD Automotive, Alfa bank, bank ABC, Bank of Cyprus, BCI, BNP Paribas, China Merchants Bank, Commercial International Bank – Egypt , CTBC Holding, Deutsche Bank, DNB, Hana Bank, ING, KB Kookmin Bank, Banca Mediolanum, Natixis, National Bank of Egypt, NH Nonghyup Bank, Qiwi, Raiffeisen Bank International, RCI Bank and Services, LLC SBI Bank, Shinhan Bank, Societe Generale, U.S. Bank and Woori Bank. In addition, test the application joined the regulators and the Central banks of some countries, including the Central Bank of Colombia, the Federal reserve of Boston, bodies of control over financial markets of Colombia and Peru.
According to the head of R3 David Rutter (David Rutter E.), the requirements of the KYC policy has traditionally represented a serious challenge for financial institutions, and their implementation is slow and resource-intensive process. The demand for KYC solutions based on the technology of the blockchain is growing. Rutter believes that the launched project confirms that companies can retain control over the information, and Corda the right approach to ensuring the preservation of private data.
Recall that the Corda from R3 finds all wider application. One of the world’s largest insurance blockchain Blockchain consortia of the Insurance Industry Initiative (B3i) intends to create new products on this platform. Earlier, the German Bank Commerzbank and multinational conglomerate Thyssenkrupp tried to Corda holding forward currency contract. Also plans to launch a blockchain platform based on this technology, one of the largest exchange organizations in the world – Deutsche Börse Group.