A new Spanish blockchain consortium has reportedly been set up by Cecabank and professional services company Grant Thornton. The goal is to build tool
A new Spanish blockchain consortium has reportedly been set up by Cecabank and professional services company Grant Thornton. The goal is to build tools designed to fight money laundering along with boosting KYC efforts, as finextra.com wrote in a recent report.
The partners said that the consortium already comprises of 33% of the Spanish banking sector. It is also supposed to lay the groundwork for the real-world use of blockchain technology in the financial services industry.
“The new consortium will provide us with a privileged position on the market, since we will be the first in effect to work with this technology, in a cross-sectoral and multidisciplinary environment.”, as Jaime Manzano, head, reporting, operational management and banking training services, Cecabank, explained.
“Employees of all our functional areas are not only going to gain an in-depth understanding of the technology, but also of all the new features that arise, which is indispensable, considering the momentum for constant progress maintained by blockchain”, he added as quoted by the online media.
Hyperledger and Ethereum are to be used to build a KYC recognition system based on distributed ledger technology (DLT). The latter may allow members to digitally identify customers, while improving AML efficiency. Other possible solutions are to follow, with a focus on streamlining current processes and developing new business models, as noted in the article.
Cecabank`s goal is to create a collaborative environment, where Spanish banks can test their latest discoveries connected to blockchain technology. Also, they would be able to test services that are still in the proof-of-concept phase and assess their future viability as applied to their businesses.