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Cryptocurrencies

R3 and banks work on KYC proof-of-concept for digital identity

Friday 11 November 2016 | 10:34 AM CET

The R3 consortium and ten of its member banks have been working on a proof-of-concept (PoC) for a know your customer (KYC) registry.

R3 is a blockchain technology company. It leads a consortium of more than 70 of the world biggest financial institutions in research and development of blockchain usage in the financial system. It is headquartered in New York City.

The PoC addresses the challenges associated with satisfying KYC requirements and allows identities to be managed by their owners. It was developed over three months and involved BBVA, CIBC, ING, Intesa Sanpaolo, Natixis, Nordea, Northern Trust, Société Générale, UBS and US Bank. Six of these banks contributed code to the project.

The project simulated establishing the identity of both a legal entity and an individual using KYC data and identity attestations by third parties.

More: Link
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