Russian “Alfa-Bank” announced the successful testing of the blockchain-service on the Corda platform for the exchange of client data between consortium members R3. ForkLog about it reported a press-service “alpha-Bank”.

Blockchain-the solution enables the financial institution to the data management of corporate clients within the KYC policy.

Also due to service customers do not need to repeatedly duplicate the same documents in response to requests from banks.

Participation in testing of the technology took about 40 international organizations. Among them are BNP Paribas, Deutsche Bank, UBS, Societe Generale and ING, as well as the Central banks of Peru and Colombia.

According to representatives of “Alfa-Bank”, thanks to the platform, financial institutions can reduce their operating costs due to previous test data from other members of the service.

“The experience of the pilot with R3 interesting to improve KYC procedures in the Russian legal field. The project is also an example of successful integration of Russia into the international technological trends”, — said the head of international compliance “Alfa-Bank” Dmitry Ustinskov.

We will note, in April, “Alfa-Bank” announced about joining the consortium R3.

ForkLog previously reported that financial institutions Sberbank and “Alfa-Bank” announced plans to test and implement new cryptocurrency solutions for VIP clients in the regulatory framework of the “sandbox” of the Central Bank of the Russian Federation.