Barclays files blockchain funds transfer and KYC patents

Barclays seeks twin blockchain patents for banking services — Coindesk — “The US Patent and Trademark Office published two applications by the UK’s second-largest bank Thursday, both of which revolve around account security. Perhaps most notably, however, was an application for a patent which outlined a blockchain platform which could facilitate cryptocurrency transfers. The bank also proposed streamlining know-your-customer processes by storing identifying information on a private blockchain.”



Spanish banks to build blockchain customer identity verification platform

The Niuron banking consortium will develop a platform to verify the digital identity of clients — Europa Press (translation) — “For banks, the benefits of this platform translate into an increase in speed, cost savings, reduction of fraud, reduction of operational risk and improvement of the prevention of money laundering. The client, on the other hand, decreases the time necessary during a registration process and has control and sovereignty over their personal data, thus improving their experience.”


Nordic banks announce KYC joint venture plans

Nordic banks to explore common KYC joint venture — SEB — “Leading Nordic banks DNB Bank, Danske Bank, Nordea Bank, Svenska Handelsbanken and Skandinaviska Enskilda Banken have decided to explore the possible establishment of a Nordic Know Your Customer (KYC) infrastructure… The banks intend to set up a joint venture, Nordic KYC Utility… The company will be owned and controlled by the founding banks, however, the plan is that the company will also offer its services to third parties.”


FNB to roll out biometric ATMs that customers can use to open a bank account

Biometric ATMs extend banking services — IT-Online — “The TouchPoint validates a customer’s identity by scanning a fingerprint placed on the biometric reader and it can detect false fingerprints to prevent fraud. The identity of the customer is then verified with the Department of Home Affairs to ensure the self-service account opening complies with the relevant laws.”



Reserve Bank of India to issue guidelines for interoperable mobile wallets

Statement on Developmental and Regulatory Policies — Reserve Bank of India — “In line with the Vision for Payment and Settlement Systems in the country, the revised framework will pave the way for bringing interoperability into usage of PPIs [Prepaid Payment Instruments]. Interoperability amongst KYC-compliant PPIs shall be implemented within six months of the date of issuance of the revised Master Directions, which will be issued within a week, ie by October 11, 2017.”


Asian banks develop blockchain-based customer identity platform

OCBC Bank, HSBC, MUFG, IMDA complete proof-of-concept KYC blockchain — Digital News Asia — “The KYC [Know Your Customer] blockchain – running on a Distributed Ledger Technology (DLT) platform which enables structured information to be recorded, accessed and shared across a distributed network using advanced cryptography – allows banks to collect, validate and share customer information – with the customer’s consent – accurately, efficiently and in a secured manner.”



White paper explores how dedicated Android NFC devices can be used to improve the delivery of financial services in emerging markets

Famoco Emerging Markets white paper

Secure, affordable and dedicated Android NFC devices issued to local agents, farmers and financial institutions in emerging markets are improving the delivery of a wide range of services including branchless banking, know your customer procedures and food aid distribution, according to a 19-page white paper that is now available to download from the NFC World Knowledge Centre. More




R3 develops KYC registry using blockchain

Blockchain consortium R3 and 10 of its member banks have developed a proof-of-concept Know Your Customer (KYC) registry using distributed ledger technology to address the “challenges associated with satisfying regulatory requirements” and allowing identities to be managed by their owners... More





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