26 French Companies, Five Banks Complete Blockchain-Based KYC Trial Based on R3’s Corda

[PRIBO247]

26 French companies and five major banks have completed a
Know Your Customer ( KYC) test based on blockchain , according to
a press release by the entrant firm RCI Bank and Services released
Dec. 3.

RCI Bank and Services, a French automotive financing and
insurance firm unveiled details of a customer knowledge-focused
blockchain solution trialed in partnership with blockchain
consortium R3 .

According to the press release, the Proof-of-Concept ( PoC) test
has been conducted in cooperation with the Association Française
des Trésoriers d'Entreprise (AFTE), a local network of treasury and
finance professionals.

As revealed by a participant of the test, RCI Bank and Services,
which is also a member of the R3 consortium, trial participants
were able to implement KYC requests within a shared network,
with banks having to request access to data and enterprise clients
able to approve and revoke access, with all the data recorded on
the blockchain.

R3’s Corda KYC solution test reportedly involved five French
banks, including the financial conglomerate BNP Paribas and
Société Générale. The trial has also featured companies
specializing in various fields such as insurance, consulting, the
automotive and food industries, and retail, including such firms as
Allianz France Insurance Company and Natixis Insurance.

Ignacio Sánchez-Miret, chairman of AFTE Fintech Commission,
commented that the Corda KYC solution has achieved two major
goals, including “bridg[ing] the gap and demystif[ying] blockchain
for corporates,” as well as “bring[ing] together banks, insurers and
corporates to work together at the same level,” according to U.K. -
based fintech media FinTech Futures .

In early November, BNP Paribas participated in a blockchain-
powered syndicated loan of $150 million in partnership with the
second largest bank of Spain , Banco Bilbao Vizcaya Argentaria
(BBVA).

Source : https://cointelegraph.com/news