Synechron teams with R3 for KYC project on blockchain
R3’s Corda gets more interest
Financial services IT consultancy Synechron is working with enterprise software firm R3 on a distributed ledger technology (DLT) collaboration to develop a know your customer (KYC) solution.
The solution will be built on R3’s Corda platform – that “operates in strict privacy in an open, global network”. The project aims to improve data collection, data validation, customer experience and data privacy for KYC processes in corporate banking.
Faisal Husain, CEO of Synechron, says: “The work R3 is doing to provide a trusted platform and bring together the ecosystem of players for such a robust use case is incredibly significant to the future of KYC and financial services.”
The project, known as LEIA 2, includes 12 banks located across four continents. The project kicked off in July with a three-month sprint to identify objectives and business requirements, define a roadmap, and develop a functional prototype on top of the Corda platform. At the end of the project, Synechron will demo the solution in its financial innovation labs.
R3 works with over 80 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda. The firm says Corda is the outcome of over two years of research and development by R3 and its members.
R3 has had a busy year so far with Corda. Some recent developments include R3, CGI and 11 banks unveiling a prototype of a trade finance app; working with Intel to beef up its data privacy and security; and the creation of a prototype solution for issuance of euro commercial paper (ECP).
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