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26 French companies and five large banks completed a Blockchain-based Know Your Customer (KYC) test, according to a press release from the incoming RCI Bank and Services company released on December 3rd.
RCI Bank and Services, a French financial and automotive insurance company, has unveiled details of a blockchain solution focused on customer knowledge tested in collaboration with the R3 blockchain consortium.
According to the press release, the Proof-of-Concept (PoC) test was conducted in collaboration with the French Association of Tresoriers d'Entreprise (AFTE), a local network of treasures and finance professionals.
As revealed by a test participant, RCI Bank and Services, which is also a member of the R3 consortium, the study participants were able to implement KYC requests within a shared network, with banks requesting access to data and corporate clients able to approve and revoke access, with all data recorded on the blockchain.
The test of the R3 KYC Corda solution involved five French banks, including the financial conglomerate BNP Paribas and Société Générale. The process also saw companies specializing in various industries such as insurance, consulting, automotive and food industries and retail, including companies such as Allianz France Insurance Company and Natixis Insurance.
Ignacio Sánchez-Miret, chairman of AFTE Fintech, commented that the Corda KYC solution has achieved two main objectives, including "bridg[ing] the gap is demystifying[ying] blockchain for companies "as well as" bring[ing] together banks, insurers and companies to work together at the same level ", according to the fintech media based on U.K. FinTech Futures.
In early November, BNP Paribas participated in a $ 150 million blockchain syndicated loan in collaboration with Spain's second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA).
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