26 French companies and five major banks have completed a Know Your Customer (KYC) test based on blockchain, according to a press release by the entrant firm RCI Bank and Services released Dec. 3.
RCI Bank and Services, a French automotive financing and insurance firm unveiled details of a customer knowledge-focused blockchain solution trialed in partnership with blockchain consortium R3.
According to the press release, the Proof-of-Concept (PoC) test has been conducted in cooperation with the Association Française des Trésoriers d'Entreprise (AFTE), a local network of treasury and finance professionals.
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.
R3’s Corda KYC solution test reportedly involved five French banks, including the financial conglomerate BNP Paribas and Société Générale. 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.
Ignacio Sánchez-Miret, chairman of AFTE Fintech Commission, commented that the Corda KYC solution has achieved two major goals, including “bridg[ing] the gap and demystif[ying] blockchain for corporates,” as well as “bring[ing] together banks, insurers and corporates to work together at the same level,” according to U.K.-based fintech media FinTech Futures.
In early November, BNP Paribas participated in a blockchain-powered syndicated loan of $150 million in partnership with the second largest bank of Spain, Banco Bilbao Vizcaya Argentaria (BBVA).