Isabel Group has partnered with norbloc, which builds regulatory applications on blockchain platforms, are bring a KYC initiative to pilot.
Last year, B-Hive and established financial service organisations, launched TrustHive. The initiative started with a group including AG Insurance, Belfius, BNP Paribas Fortis, Euroclear and KBC for the creation of a blockchain platform to simplify identity management (Know Your Customer) for corporates.
The initiative had the endorsement of other partners of B-Hive, including AXA, Baloise, Allianz, ING, SWIFT, Bank of New York Mellon, Isabel Group and Mastercard.
With the initiative triggering interest from financial and non-financial organizations, B-Hive together with the four largest Belgian banks (Belfius, BNP Paribas Fortis, ING and KBC) decided to hand over the ownership of the initiative to Isabel Group.
Isabel will now manage the governance of the platform and set up a pilot with the four banks and facilitate its future growth. norbloc was selected as a technology partner for the pilot phase.
The KYC platform allows clients to control how and when their data is shared with different institutions and market participants, and is compliant with the General Data Protection Regulation (GDPR).
Jean de Crane, CEO Isabel Group, said, “Instead of a time-consuming and often still paper-based onboarding process, this KYC platform will provide a unified ecosystem for financial organizations and others to onboard clients and legal entities in particular.
“We will be able to offer one unique KYC file across institutions, reducing duplication of efforts in financial entities and their clients alike. Furthermore, individuals will be able to control how and when their data is shared through a customer-oriented portal, which respects the oncoming GDPR.”
Founded in 2016 and headquartered in Stockholm, Sweden, norbloc builds regulatory applications on blockchain platforms. Its flagship product, Fides, is a digital solution to KYC processes via a fully regulatory compliant blockchain application that allows KYC files to be shared among financial institutions, removing duplication of efforts and reducing costs.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
