A French automotive financing and insurance firm, RCI Bank and Services, announced the details of a KYC solution based on blockchain technology, the test run was successfully completed with the partnership of R3, a blockchain consortium.
The Proof-of-Concept (PoC) was carried out with the Association Française des Trésoriers d’Entreprise (AFTE) a local chain of treasury and finance professionals. The participants of the test run were equipped with the access to implement KYC requests within a shared network, with the banks have authority to access the data and enterprise clients able to approve and revoke access, with all the data recorded on the blockchain.
The test run by R3 Corda on the KYC solution included five banks, the financial conglomerate BNP Paribas and Société Générale also took part in the test run. Many companies from various sectors like insurance, consulting, food and automobile industry were also included in the trial run.
Chairman of AFTE Fintech Commission, Ignacio Sánchez-Miret, stated
the Corda KYC solution has achieved two major goals, including “bridging the gap and demystifying blockchain for corporate, bringing together banks, insurers and corporates to work together at the same level