Synechron Partners with R3 for a large Distributed Ledger Consortium Project

Synechron, Inc, the global financial services consulting and technology services provider announced a distributed ledger technology (DLT) collaboration with R3, the enterprise software firm. The collaboration will work toward developing a KYC solution built on Corda; R3’s financial grade distributed ledger that operates in strict privacy in an open, global network. The solution will build upon a point-to-point, secure and self-sovereign vision toward digital identity and verifiable corporate data. This project is a critical step towards reducing the cost of KYC processes and achieving the long-term vision of digital identity. Faisal Husain, CEO of Synechron stated, “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.” 

The project, known as LEIA 2, is one of the largest collaborative DLT efforts this year and includes 12 banks located across 4 continents. The project kicked off 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. At the end of the project, Synechron will demo the solution in their Financial Innovation Labs (FinLabs).

Todd McDonald, Co-Founder of R3 stated,“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.”