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KYC App Test on R3 Blockchain Platform Completed

R3, the Blockchain consortium has partnered with 39 financial firms and has now completed more than 300 transactions via its know your customer (KYC) application, according to a post on R3’s blog June 28.

R3 has a KYC project and they targeted prominent financial and banking institutions worldwide such as Deutsche Bank, ING, the National Bank of Egypt, Raiffeisen Bank International, and others. They also had regulators and central banks such as the Central Bank of Colombia, the Federal Reserve Bank of Boston, and the Financial Superintendence of Colombia.

The transactions covered eight time zones in 19 countries whereby, banks could request access to customer KYC data, and clients could either grant or reject access. Project participants ran a total of 45 nodes on Microsoft Azure, sharing data via the Corda network using CorDapp.

The CEO of R3, David E. Rutter said that the goal of the Corda-based KYC application is to increase the pace of the usually “slow and time-consuming” process of verifying customer identity for financial transactions, also pointing to an “increasing demand for Blockchain-based KYC solutions.”

Yorke Rhodes, Principal Program Manager of Azure Blockchain Engineering, commented on what the initiative’s aim is. He said that the initiative means to combine “technology and industry expertise” to facilitate the process of developинг Blockchain projects by the banking sector, “aimed at solving shared business problems.”

R3 revealed on 8th June that the consortium’s internal financial targets are “10X short” of their revenue. The company is not in any danger of running out of revenue according to a managing director of R3. They are expected to provide an update on their finances by the end of the calendar year.