R3 and ten member banks develop KYC service proof-of-concept
The R3 consortium and ten of its member banks have developed a proof-of-concept (PoC) for a know your customer (KYC) registry “that addresses the challenges associated with satisfying KYC requirements and allows identities to be managed by their owners”.
The PoC was developed over three months and involved BBVA, CIBC, ING, Intesa Sanpaolo, Natixis, Nordea, Northern Trust, Société Générale, UBS and US Bank. At the heart of the project was the distributed ledger technology used to place control of an identity with its owner.
Six of these banks contributed code to the project.
The project simulated establishing the identity of both a legal entity and an individual using KYC data and identity attestations by third parties.
“The successful creation of a shared KYC service on R3’s Corda platform would allow participants to create and manage their own identities including relevant documentation,” states R3.
“They can then permission other participants to access this identity for client onboarding and KYC purposes. For additional validation, they can request authoritative participants for attestations against the identity.”
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