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The R3 company blockchain software company has revealed that 14 French companies have completed a trial of the CordaKYC application based on the Corda blockchain platform and hosted on Microsoft Azure.
"This is a difficult request, but it is clear: to collaborate or to stay behind"
Working with the French Association of Enterprise Tresoriers (AFTE – French Association of Business Economists), a total of 26 companies participated in the regional process.
This was not only limited to fintech, as companies come from various sectors such as department stores, food processing, pharmaceuticals, insurers, investment managers and the aerospace industry. In turn, they collaborated with five French banks to test the CordaKYC solution.
Participants include AFTE, Allianz France Insurance Company, Alten, BNP Paribas, bioMérieux, Crédit Agricole, Daher, Danone, Engie, Natixis, Natixis Assurances, Natixis Investment Managers, Ostrum AM, Pierre et Vacances, RCI Bank and Services and Société Générale .
David E. Rutter, CEO of R3, says: "Existing processes know your customers (KYC) are often twofold and take a long time, and there has been a growing demand for blockchain-based KYC solutions. It is essential to gather feedback and contributions from a variety of participants, and companies in particular have an important role to play in helping the industry evolve and adopt this technology for KYC. "
Ignacio Sánchez-Miret, chairman of AFTE Fintech, adds: "The CorDapp process has achieved two goals: first to close the gap and demystify the blockchain for companies, and secondly to bring together banks, insurers and businesses to work together At the same level, we can not stop here: the next few weeks will be crucial to determine which applications will be launched together, which is a difficult request, but it is clear: to work together or to stay behind. "
Using a Synechron prototype, R3 states that companies have been able to simulate KYC requests within the group.
Banks could request access to KYC test data and companies could approve applications and revoke access.
Companies were also able to update their test data which was then automatically updated for all participants with permission to access them.
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