Ten major banks test shared KYC service with R3 blockchain consortium
The R3 blockchain consortium and ten of its consortium member banks, like ING, have developed a proof-of-concept for a KYC registry for Know Your Customer (KYC) requirements. This proof demonstrated how distributed ledger technology can help banks fulfill basic KYC requirements of new customer onboarding while providing increased transparency, security and cost-efficiencies.
Mark Buitenhek, global head Transaction Services at ING: "KYC processes are one of the most time consuming and complex tasks for banks and corporates. And increasingly we are under pressure to maintain the balance between the combined pressures of compliance demands and delivering a positive customer experience. So potentially making big improvements in this process by using distributed ledger technology is a huge opportunity and one that ING is really excited to be working on for us and our customers."