Enterprise blockchain software firm, R3, today announced that its partners have completed over 300 transactions on a Know Your Customer (KYC) application built on the Corda blockchain platform during a four-day collaborative trial. 39 R3 consortium members from 19 countries and 8 different time zones participated in the test.
During this test, 3 types of "nodes" were assigned: bank, such as RCI Bank and Services; corporate customer; attorney to certify data such as audit firms. 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.
For all, the blockchain leads to a saving of time. The customer only has to create his profile once by communicating the data he wants.
This approach is part of the transformation plan of RCI Bank and Services, which places digital and innovation at the heart of its strategy in order to improve the experience of its customers.
RCI Bank and Services joined R3 two years ago, a consortium specialized in research and development on the blockchain. Made up of about 60 of the world's leading financial institutions, the R3 consortium’s mission is to explore potential uses of this technology in the realm of banking and finance.
