26 French Companies, Five Banks Complete Blockchain-Based KYC Trial Based on R3’s Corda


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                26 French companies along with five banks have successfully completed a blockchain-enabled KYC trial with R3 consortium.
                <p dir="ltr">26 <a href="https://cointelegraph.com/tags/france">French</a> companies and five major <a href="https://cointelegraph.com/tags/banks">banks</a> have completed a Know Your Customer (<a href="https://cointelegraph.com/tags/kyc">KYC</a>) test based on <a href="https://cointelegraph.com/tags/blockchain">blockchain</a>, according to a <a href="https://www.rcibs.com/fr/actualites/blockchain-rci-bank-and-services-participe-au-test-know-your-customer-mene-par-le" target="_blank" rel="nofollow,noopener">press release</a> by the entrant firm RCI Bank and Services released Dec. 3.</p><p dir="ltr">RCI Bank and Services, a French <a href="https://cointelegraph.com/tags/transport">automotive</a> financing and <a href="https://cointelegraph.com/tags/insurance">insurance</a> firm unveiled details of a customer knowledge-focused blockchain solution trialed in <a href="https://cointelegraph.com/tags/partnership">partnership</a> with blockchain consortium <a href="https://cointelegraph.com/tags/r3">R3</a>.</p><p dir="ltr">According to the press release, the Proof-of-Concept (<a href="https://cointelegraph.com/tags/proof-of-concept">PoC</a>) test has been conducted in cooperation with the Association Fran&ccedil;aise des Tr&eacute;soriers d'Entreprise (AFTE), a local network of treasury and <a href="https://cointelegraph.com/tags/finance">finance</a> professionals.</p><p dir="ltr">As revealed by a participant of the test, RCI Bank and Services, which is also a member of the R3 consortium, trial participants were able to implement KYC requests within a shared network, with banks having to request access to data and enterprise clients able to approve and revoke access, with all the data recorded on the blockchain.</p><p dir="ltr">R3&rsquo;s <a href="https://cointelegraph.com/tags/corda">Corda</a> KYC solution test reportedly involved five French banks, including the financial conglomerate <a href="https://cointelegraph.com/tags/bnp-paribas">BNP Paribas</a> and Soci&eacute;t&eacute; G&eacute;n&eacute;rale. The trial has also featured companies specializing in various fields such as insurance, consulting, the automotive and food industries, and retail, including such firms as Allianz France Insurance Company and Natixis Insurance.</p><p dir="ltr">Ignacio S&aacute;nchez-Miret, chairman of AFTE Fintech Commission, commented that the Corda KYC solution has achieved two major goals, including &ldquo;bridg[ing] the gap and demystif[ying] blockchain for corporates,&rdquo; as well as &ldquo;bring[ing] together banks, insurers and corporates to work together at the same level,&rdquo; according to <a href="https://cointelegraph.com/tags/united-kingdom">U.K.</a>-based fintech media <a href="https://www.bankingtech.com/2018/12/french-14-find-firm-favour-in-r3-blockchain-trial/" target="_blank" rel="nofollow,noopener">FinTech Futures</a>.</p><p dir="ltr">In early November, BNP Paribas <a href="https://cointelegraph.com/news/bbva-leads-blockchain-based-syndicated-loan-of-150-million-with-bnp-paribas-and-mufg">participated</a> in a blockchain-powered syndicated loan of $150 million in partnership with the second largest bank of <a href="https://cointelegraph.com/tags/spain">Spain</a>, Banco Bilbao Vizcaya Argentaria (BBVA).

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