Global Financial Institutions Complete R3 KYC Application Testing


Global bank and regulators complete R3 KYC application testing. The transactions were conducted via 8 different time zones and n 19 countries. Banks could request access to customer KYC data and clients were allowed to either deny or grant access. 

2 July, AtoZ Markets – As much as 39 financial firms have partnered with Blockchain consortium R3 to carry out more than 300 transactions through the R3’s Know Your Customer (KYC) application. According to a post on R3’s blog, the testing has been completed.

Global Financial Institutions Complete R3 KYC Application Testing

The KYC application of R3 has included major financial and banking institutions globally. To name a few of them – Deutsche Bank, ING, the National Bank of Egypt, and Raiffeisen Bank International. The application testing has also involved some of the regulators and central banks from all over the globe. Some of these include the Central Bank of Colombia, the Federal Reserve Bank of Boston, and the Financial Superintendence of Colombia.

The transactions were conducted via 8 different time zones and in 19 countries. Banks could request access to customer KYC data and clients were allowed to either deny or grant access. According to the press release on the R3 blog, project participants have run a total of 45 nodes on Microsoft Azure. They have been sharing data via the Corda network and by utilizing CorDapp. 

The CEO of R3, David E. Rutter, has stated that the key goal of the KYC project is to speed up the “slow and time-consuming” process of customer identity verification. He has noted that there was an “increasing demand for Blockchain-based KYC solutions”.”

Blockchain Adoption in Banking Sector

Principal Program Manager of Azure Blockchain Engineering, Yorke Rhodes, has highlighted the idea to combine “technology an industry expertise” to ease the process of development of Blockchain projects by the banking sector.” He has stated that this idea looked into solving the shared business problems. 

Earlier this June, R3 has reportedly stated that the consortium’s internal financial targets are “10X short” of their profits. The managing director for R3 has stated that the company is stable and does not face the challenge of running out of revenue, according to online reports. He has also reportedly said that the firm will publish an update in regards to their financial position by the end of this calendar year.

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