A collection of 39 banks, institutions and financial firms have completed a trial of more than 300 transactions on a Know Your Customer (KYC) application built on R3’s Corda blockchain platform.

The transactions were conducted in 19 countries across eight timezones. Banks were able to request access to customer KYC test data, whilst customers could approve requests and revoke access. Customers were also able to update their test data which was then automatically updated for all banks with permission to access it.

The 39 participants deployed and ran a total of 45 nodes in Microsoft Azure, demonstrating the power of collaboration using shared business logic on the Corda network. The participants were able to communicate and manage test customer KYC data across the Corda network using a CorDapp designed and built by Synechron.

Traditional KYC processes are complex and often duplicative. This self-sovereign model allows corporate customers to create and manage their own identities including relevant documentation and then grant permission to multiple participants to access this data. This reduces duplication and costs by eliminating the need for each institution to individually attest and update KYC records.

In addition, Corda’s unique approach to sharing data, whereby only those with a need to see it will have access, addresses any concerns around data privacy and security that may arise when sharing identity data.

A total of 39 firms participated in the project, including ABN AMRO, ALD Automotive, Alfa bank, Bank ABC, Bank of Cyprus, BCI, BNP Paribas, China Merchants Bank, Commercial International Bank – Egypt , CTBC Holding, Deutsche Bank, DNB, Hana Bank, ING, KB Kookmin Bank, Banca Mediolanum, Natixis, National Bank of Egypt, NH Nonghyup Bank, Qiwi, Raiffeisen Bank International, RCI Bank and Services - the financial services provider for Groupe Renault, SBI Bank LLC, Shinhan Bank, Societe Generale, U.S. Bank and Woori Bank. In addition, the regulators and central banks involved included Banco de la República (Central Bank of Colombia), Federal Reserve of Boston, Superintendencia Financiera de Colombia, and Superintendencia de Banca Seguros y AFP de Peru.

David Rutter, chief executive of R3, said: “KYC requirements present a significant challenge to financial institutions and the process is often slow and time-consuming. As our corporate membership continues to grow, there has been increasing demand for blockchain-based KYC solutions. Not only does this project demonstrate how blockchain can allow institutions to retain control of and manage their own identity, but it also validates the design choices we made in our approach to privacy on Corda.”

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