The Beta phase for the Onboarding and Know Your Customer (O-KYC) system project using DLT / blockchain is drawing to a close.
The Beta phase for the Onboarding and Know Your Customer (O-KYC) system project using DLT / blockchain (launched in June of 2020 by CeTIF – Università Cattolica together with Intesa [IBM Group] and Cherry Chain) is drawing to a close.
More than 20 Italian businesses took part.
The objective was to simplify and streamline how information needed for O-KYC processes are shared amongst participants within the ecosystem (with businesses and customers, first and foremost).
Milan, 18 February 2021 – Financial institutions, entities of the public administration, and private-sector businesses came out in full force for the O-KYC (Onboarding – Know Your Customer) project produced by CeTIF, together with Intesa (IBM) and Cherry Chain, with the support of Banca d’Italia and IVASS. The goal was to digitise the Onboarding and Know Your Customer process using DLT/blockchain technology.
Programme participants included: Assolombarda, ASMEL, Banca Mediolanum, Banca Monte dei Paschi di Siena, BNL, Banca Popolare di Puglia e Basilicata, CEDACRI, CERVED, Confindustria digitale, Enel, FCA Bank, Fondazione Cariverona, ICCREA, Intesa Sanpaolo, Region of Lombardy, Region of Veneto, Telepass, Poste Italiane, UBI Banca.
The main objective was to streamline (reducing time and expenses) the onboarding procedure in order to generate efficiency within the internal processes of all businesses involved. The goal was to facilitate the exchange of information needed for the O-KYC process amongst the participants in the ecosystem, through a “wallet” that allows the customer to authorise the transfer of their information from the person holding them (the Custodian) to the requesting party. Compliance with the GDPR on data management is paramount, thereby ensuring the security of the entire process, vesting the end user with full control over their information, not to mention potential compensation in the form of “tokens” which can be spent within the ecosystem.
The O-KYC initiative arises from the stated need of all those taking part in this system to reduce costs, time, and complexity, all of which were significantly impacting the operational side of these processes. This option was developed within an experimental process on real data, one that has been successfully tested in the past.
At the helm of the project, supervised by a Stakeholder Committee, were CeTIF Adivisory, Intesa, a company in the IBM Group, a leader in digital transformation, and CherryChain, a fintech start-up specialised in the development and application of blockchain technologies in the IBM cloud. Legal consultancy services for the project were entrusted to Chiomenti.