Isabel Group and norbloc to pilot blockchain KYC project
Isabel Group, a Belgium-based market infrastructure player, has taken over from TrustHive the initiative to build a blockchain platform to simplify identity management – know your customer (KYC) – for corporates.
TrustHive, launched last year by B-Hive (a European collaboration platform for tech start-ups and established players in financial services), initiated the KYC blockchain development together with AG Insurance, Belfius, BNP Paribas Fortis, Euroclear and KBC. It also received endorsement from other partners of B-Hive: AXA, Baloise, Allianz, ING, Swift, Bank of New York Mellon, Isabel Group and Mastercard.
A proof-of-concept (PoC) was delivered in October 2017 and, according to B-Hive, was so successful that it “rapidly triggered interest from financial and non-financial organisations”.
“For that reason, 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 to manage the governance of the platform, set up a pilot with the four banks and facilitate its future growth,” B-Hive explains.
Norbloc, a Swedish start-up that builds regulatory applications on blockchain platforms, was selected as a technology partner for the pilot phase, following “an extensive analysis of different parties”.
Norbloc brings to the table its flagship platform, Fides. “I’m confident that Fides will create great operational and regulatory efficiencies to all participants,” states the company’s CEO, Astyanax Kanakakis.
Jean de Crane, CEO Isabel Group, envisages the benefits of the new offering: “Instead of a time-consuming and often still paper-based onboarding process, this KYC platform will provide a unified ecosystem for financial organisations 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 General Data Protection Regulation (GDPR).”