Synechron and R3 to Develop Know-Your-Customer Platform

Announcements, Blockchain, FinTech, Innovation, Investing, Regulation | August 23, 2017 By:

Global financial technology provider Synechron has teamed with blockchain consortium R3 to build a solution for know-your-customer (KYC) processes using distributed ledger technology (DLT).

Dubbed ‘LEIA 2’, the project includes 12 banks located across four continents and is one of the largest collaborative DLT efforts this year. The project aims to create a fresh compliance tool built around R3’s Corda distributed ledger platform. The solution will build upon a point-to-point, secure, and self-sovereign vision toward digital identity and verifiable corporate data.

Synechron said the project aims to solve the problems around data collection, data validation, customer experience, and data privacy that plague current KYC processes in corporate banking. The solution would fit within the existing framework of in-house and external data providers, but also build towards a more disruptive vision for bank processes and the customer experience.

“Distributed ledger technology will improve current processes and improve experiences for both banks and customers,” said Synechron CEO Faisal Husain. “The work R3 is doing to provide a trusted platform and bring together the ecosystem of players for such a robust use-case is incredibly significant to the future of KYC and financial services.”

“This project builds on the success of LEIA1 with a use case that will be foundational in many other financial services use cases that rely on identity,” said R3 co-founder Todd McDonald. “Corda’s handling of identity is unique for a DLT platform and was designed to meet the specific needs of the financial services industry.”