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The Blockchain R3 company is testing its Know Your Customer (KYC) solution with dozens of French companies and corporate treasurers, according to BTC Manager on Wednesday (December 5th).
The French Association of Corporate Treasurers (AFTE) supports the pilot project of the test solution of the KYC concept of R3 by a group of French companies, including RCI Bank, Allianz France and BNP Paribas. According to reports, companies participating in the test operate in a range of industries, including financial services, automotive, retail and more.
The R3 technology is powered by its blockchain Corda technology, with a prototype developed by Synechron, which allows companies to manage their KYC processes in a streamlined and secure platform. For financial institutions (FI) the solution allows companies to request data from their customers and allows financial intermediaries to grant or deny access to data stored on the platform.
According to R3 CEO David E. Rutter, the Corda platform "allows users to take full control of their data and to be sure that their personal information will not be shared with other people without their explicit consent".
At the start of this year, R3 revealed that a series of FIs and other entities in 19 countries tested the KYC solution, including Deutsche Bank and various regulators.
"With the continued growth of our corporate membership, there has been a growing demand for blockchain-based KYC solutions," said Rutter in a statement at the time. "This project not only demonstrates how the blockchain can allow institutions to maintain control and manage their identity, but also validates the design choices we have made in our approach to privacy on Corda".
Other companies and financial institutions have begun to explore blockchain technology to manage their KYC processes beyond the offer of R3. In July, Barclays filed two patent applications at the U.S. Patent and Trademark Office, one of which was related to a blockchain tool to streamline KYC processes.
"Banks in particular could benefit from it [from] a significant reduction in processing and financial costs for the maintenance of registration systems, and [by] providing the necessary control to regulators and others, "said Barclays in his filing.
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