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R3 Banks Trial Blockchain Identity Registry

Ten global banks have tested a distributed ledger-based know-your-customer registry through the R3 blockchain consortium.

Nov 11, 2016 at 3:17 p.m. UTC
Updated Sep 11, 2021 at 12:36 p.m. UTC

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:

“The project simulated establishing the identity of both a legal entity and an individual using KYC data and identity attestations by third-parties.”

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.

The past two months have seen consortium members conduct trials using distributed ledger startup Ripple’s digital asset, XRP, as well as a platform developed by tech giant Intel. Earlier this month, announced that Dutch bank ABN Amro would join its ranks.

Image via Shutterstock

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