Todd MdDonald, R3
Synechron, the financial services consulting and technology services provider, has announced a distributed ledger technology (DLT) collaboration with R3, the enterprise software firm.
The collaboration will work toward developing a KYC solution built on Corda; R3's distributed ledger. The solution will build upon a point-to-point, secure and self-sovereign vision toward digital identity and verifiable corporate data. Known as LEIA 2, the project aims to reduce the cost of KYC processes and achieve the long-term vision of digital identity.
The project includes 12 banks located across 4 continents. It kicked off in July with a three-month sprint to identify objectives and business requirements, define a roadmap, and develop a functional prototype on top of the Corda platform. At the end of the project, Synechron will demo the solution in their Financial Innovation Labs.
The project aims to solve the problems around data collection, data validation, customer experience and data privacy that plague current KYC processes in Corporate Banking. The solution would fit within the existing framework of in-house and external data providers, but also build towards a more disruptive vision for bank processes and the customer experience. DLT has inherent features that allow it to address KYC requirements for validated, trusted data without the risk of tampering or fraud. The technology also enables self-sovereign distribution models that enable the data owners, the Corporates, to control the distribution of their own identity data.
Todd McDonald, Co-Founder of R3 commented, "This project builds on the success of LEIA1 with a use case that will be foundational in many other financial services use cases that rely on identity. Corda's handling of identity is unique for a DLT platform and was designed to meet the specific needs of the financial services industry."