R3 uses blockchain to streamline KYC for banks around the world
28 Nov 2016

R3 is a financial innovation enterprise that aims to design and deliver distributed ledger technologies to global markets. They lead a consortium partnership of over 50 of the world’s top financial institutions. Through collaboration with their partner research centers, they’re working to test blockchain technologies and their applications towards developing a global financial-grade ledger.

Along with ten of its member banks, R3 has recently developed a proof-of-concept for a Know Your Customer (KYC) registry. KYC is about doing customer due diligence, and determining a valid identity. The systems currently in place are meant to catch identity theft, avoid fraud, prevent money laundering, and stop terrorist financing.

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