French corporates trial R3’s Corda blockchain platform-based KYC solution

R3, an enterprise blockchain software firm leading a global consortium of more than 200 members and partners, has announced that 14 French corporates have successfully completed a trial of a know your customer (KYC) application built on its Corda blockchain platform and hosted on Microsoft Azure.

A total of 26 firms, in collaboration with the Association Française des Tresoriers d’Enterprise (AFTE) participated in the regional trial of “CordaKYC” application.

The corporates from diverse backgrounds from insurers to investment managers, to food processing, to pharmaceuticals and beyond, collaborated with 5 French banks to test the CordaKYC solution.

Participants included AFTE, Allianz France Insurance Company, Alten, BNP Paribas, bioMérieux, Crédit Agricole CIB, Daher, Danone, Engie, Natixis, Natixis Assurances, Natixis Investment Managers, Ostrum AM, Pierre et Vacances, RCI Bank and Services, and Societe Generale.

“Corda is the ideal platform for KYC solutions as it enables users to have full control over their data, safe in the knowledge that it won’t be shared with other parties unless they have given their express permission, and they have the ability to revoke that permission at any time,” David E. Rutter, CEO of R3, said.

According to the press release, corporates were able to simulate KYC requests amongst the group using a Synechron prototype. The banks could request access to KYC test data, and corporates had the ability to approve requests and revoke access. Corporates were also able to update their test data which was then automatically updated for all participants with permission to access it.

“The CorDapp trial achieved two goals: firstly to bridge the gap and demystify blockchain for corporates, and secondly to bring together banks, insurers and corporates to work together at the same level. We cannot stop here - the following weeks will be crucial to determine which applications will be launched together. This is a tough call, but it is clear: collaborate or be left behind,” Ignacio Sánchez-Miret, Chairman of AFTE Fintech Commission, said.