Regulators using blockchain for KYC data sharing
Central Bank of Colombia and Federal Reserve Bank of Boston collaborate with R3 on KYC pilot
Regulators from the US and South America have teamed up with distributed ledger development company R3 in a pilot which shares customer data over a blockchain platform.
“KYC [know your customer] requirements present a significant challenge to financial institutions and the process is often slow and time-consuming,” said David Rutter, chief executive of R3, in a company statement.
“This project demonstrates how blockchain can allow institutions to retain control of and manage their own identity
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