Ten global banks have tested a distributed ledger-based know-your-customer registry through the R3 blockchain consortium.
BBVA, CIBC, ING, Intesa Sanpaolo, Natixis, Nordea, Northern Trust, Société Générale, UBS and US Bank took part in the three-month initiative, R3 said earlier this week. The registry enabled the banks involved to create and manage digital identities within a shared system, providing a mechanism for adhering to KYC regulations in the finance space.
The startup said of the test:
News of the trial comes days after R3 kicked off a new research outfit in partnership with the Monetary Authority of Singapore, the city-state’s central bank. That effort is aimed at creating a test environment for blockchain applications, as well as a hub for financial institutions in the region looking to explore the tech.
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