A member of the blockchain R3 consortium, RCI Bank and Services participated in the Know Your Customer POC that the firm organized in France. Working closely with the Association Française des Tresoriers d’Enterprise (AFTE), a total of 26 firms participated in the regional trial. French corporates across industries as diverse as department stores, food processing, pharmaceuticals, insurers, investment managers and aerospace, collaborated with 5 French banks to test the CordaKYC solution.
RCI Bank and Services participated in the POC with 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, and Societe Generale.
Using a Synechron prototype, corporates were able to simulate KYC requests amongst the group. 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.
David E. Rutter, CEO of R3, said, “ 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.”