Central Banking

Regulators using blockchain for KYC data sharing

Blockchain graphic

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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