39 Financial Organizations Testing R3 Blockchain-Based KYC-App

July 3, 2018

In partnership with R3 Corda blockchain a number of financial organizations have tested specialized solution developed for KYC (know your customer) compliance.

David Rutter, CEO at R3, told, the purpose of this application is faster user identification for executing financial operations.

Among those to participate in testing were the National Bank of Egypt, Deutsche and Raiffeisen Bank, the Central Bank and Financial Superintendence  of Columbia, etc.

Test transactions were held in 8 timezones in 19 countries. During the operations the organizations requested access to the KYC user data and users had options to either give or deny it.

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