In Belgium, 4 banks fight against fraud via blockchain

Credit: Blockchain – Pixabay

With the blockchain application Kube, Belgian banks Belfius, BNP Paribas Fortis, ING Belgium and KBC can exchange data on their corporate customers. The main objective is the fight against fraud and the money laundering.

In the fight against fraud and money laundering, the banks are subject to various obligations, such as regular verification of the identity of the directors and shareholders of their corporate clients.

It is in this context that four Belgian banks are joining forces around technology blockchain. Thanks to the application Kube, Belfius, BNP Paribas Fortis, ING Belgium and KBC will exchange this information relating to customer identity.

Easily share and control data

This secure data exchange procedure should represent a simplification of existing operations, for customers as well as for the banks themselves. The latter stress that this "time-consuming process" is carried out "individually for each bank and must be repeated frequently. "

To ease these exchanges, the four banks have developed with a specialist in banking services, Isabel Group, a platform for sharing business identification data.

The benefits of simplification do not, however, concern only the banking players. A corporate client can enter their data once on the platform, specifically a secure and decentralized database. These will be verified and validated by his bank.

An accelerated KYC process for corporate clients

The information will then be shared with the other authorized banks. The same will apply to any modification to the data, which guarantees that banking groups have up-to-date information.

When a company opens an account with another bank, the KYC process is accelerated since the required data are already available. As a result, the company will be able to open accounts without administrative paperwork or delay, "said the consortium of Belgian banks, the number of which could grow in the future.