Enterprise blockchain software firm, R3, announced that over a dozen French corporates have completed a trial of the CordaKYC application built on the Corda blockchain platform and hosted on Microsoft Azure. Working closely with the Association Française des Tresoriers d’Enterprise (AFTE), a total of 26 firms participated in the regional trial, including, Allianz France Insurance Company, BNP Paribas, bioMérieux, Crédit Agricole CIB, Natixis, 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.
Renaud-Franck Falce, head of Capital Markets EMEA at BNP Paribas, said in a statement: “Participating to such an initiative allows key players to develop further practical experience in deploying and running blockchain infrastructures for tangible applications. In this specific instance, we operated alongside both issuer and investor clients via real time workflows and interfaces facilitating and expediting the KYC process.”
Frédéric Dalibard, Head of Digital for Natixis CIB added in the same statement: “The Corda KYC trial has demonstrated the applicability and relevance of R3’s Distributed Ledger Technology for the implementation of a Self Sovereign Identity model. By providing natively data and document management capabilities Corda has allowed the Corporates involved in the experiment to share, update and revoke access to KYC-like data and documents easily, securely and with full auditability. Natixis is looking forward to pushing the concept further with its partners in the near future.”