Synechron Inc., a New York-based financial services consulting and technology services provider, has announced that it entered into a distributed ledger technology (DLT) collaboration with enterprise software firm R3, which is leading a blockchain consortium of global financial institutions.
With this collaboration, Synechron will join others to develop a KYC solution built on R3’s financial grade distributed ledger ‘Corda’. Dubbed ‘LEIA 2’, the project includes 12 banks located across 4 continents and is one of the largest collaborative DLT efforts this year. It started 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.
“Distributed ledger technology will improve current processes and improve experiences for both banks and customers. The work R3 is doing to provide a trusted platform and bring together the ecosystem of players for such a robust use case is incredibly significant to the future of KYC and financial services,” Faisal Husain, CEO of Synechron said.
In its official announcement, Synechron said that the project aims to solve the problems around data collection, data validation, customer experience, and data privacy plaguing existing KYC processes in corporate banking. The solution will build upon a point-to-point, secure and self-sovereign vision toward digital identity and verifiable corporate data. It 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.
“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,” Todd McDonald, Co-Founder of R3 said.
At the end of the project, Synechron said that it will demo the solution in their Financial Innovation Labs (FinLabs).
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