French Corporates, R3 Complete Blockchain KYC Trialbr>
Enterprise blockchain software firm R3 has announced that 26 French companies and five major banks have completed a know your customer (KYC) trial based on its Corda blockchain platform.
The trial, which has been conducted in cooperation with the Association Française des Trésoriers d’Entreprise (AFTE), involves French corporates across industries as diverse as department stores, food processing, pharmaceuticals, insurers, investment managers and aerospace. Collaborating with five banks, these corporates were reportedly able to simulate KYC requests amongst the group using a CorDapp designed and built by Synechron.
Participants included AFTE, Allianz France Insurance Company, Alten, BNP Paribas, bioMérieux, Crédit Agricole CIB, Daher, Danone, Engie, Natixis, Natixis Assurances, Natixis Investment Managers, Ostrum AM, Pierre et Vacances, RCI Bank and Services, and Societe Generale.
The Synechron solution reportedly allowed banks to request access to KYC test data, and corporates were able to approve and revoke access, with all the data recorded on the blockchain. Corporates were also able to update their test data which was then automatically updated for all participants with permission to access it.
David E. Rutter, CEO of R3, said that Corda is the ideal platform for KYC solutions as it enables users to have full control over their data, safe in the knowledge that it won’t be shared with other parties unless they have given their express permission, and they have the ability to revoke that permission at any time.
“Corporates in particular have an important role to play in helping the industry evolve and adopt this technology for KYC, and the success of this trial demonstrates the benefits they stand to gain and builds a foundation for regional adoption,” Rutter said.
Ignacio Sánchez-Miret, Chairman of AFTE Fintech Commission, said that the CorDapp trial achieved two goals: firstly to bridge the gap and demystify blockchain for corporates, and secondly to bring together banks, insurers and corporates to work together at the same level.
“We cannot stop here – the following weeks will be crucial to determine which applications will be launched together,” Sánchez-Miret said. “This is a tough call, but it is clear: collaborate or be left behind.”
Renaud-Franck Falce, Head of Capital Markets EMEA at BNP Paribas, said that participating to such an initiative allows key players to develop further practical experience in deploying and running blockchain infrastructures for tangible applications.
“In this specific instance, we operated alongside both issuer and investor clients via real time workflows and interfaces facilitating and expediting the KYC process,” said Falce.