Blockchain-based PoC Completed by Deutsche Bank, HSBC, MUFG With IBM
IBM has completed successfully proof-of-concept (POC) with Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG).
The project also included a participation of Cargil and IBM treasuries in it. IBM demonstrated how the blockchain-based platform provides a decentralized mechanism for banks to collect, validate, store, share, and refresh trusted KYC information of corporate customers. KYC ( Know Your Customer ) is a Shared corporate project of IBM.
The Shared KYC project has its overall objectives, which help to define harmonized standards for the collection and validation of certain core documents, create a sharing economy environment,digitize all corporate KYC information to preserve authenticity and accuracy.
This initiative allows to modernize Singapore’s Finance Infrastructure, and at once enhances transparency into KYC processes performed by banks.