Isabel Group has been handed the ownership of TrustHive, a blockchain platform to simplify identify management know your customer (KYC) for corporates.
The initiative started with a working group with AG Insurance, Belfius, BNP Paribas Fortis, Euroclear and KBC with the endorsement of other partners of B-Hive (AXA, Baloise, Allianz, ING, SWIFT, Bank of New York Mellon, Isabel Group, MasterCard).
Isabel Group will manage the governance of the platform, set up a pilot with the four banks and facilitate its future growth.
In addition, norbloc was selected as a technology partner for the pilot phase due to its experience in similar projects with the platform Fides.
This KYC platform allows clients to control how and when their data is shared with different institutions and market participants in a way that is compliant with the General Data Protection Regulation (GDPR).
Jean de Crane, CEO Isabel Group, said: “Instead of a time-consuming and often still paper-based onboarding process, this KYC platform will provide a unified ecosystem for financial organisations and others to onboard clients and legal entities in particular.”
“We will be able to offer one unique KYC file across institutions, reducing duplication of efforts in financial entities and their clients alike. Furthermore, individuals will be able to control how and when their data is shared through a customer-oriented portal, which respects the oncoming GDPR.”
Astyanax Kanakakis, CEO of norbloc, said: “I’m confident that the Fides platform will create great operational and regulatory efficiencies to all participants and we are excited to be working with Isabel Group and four of the leading banks in Belgium on such an ambitious endeavour.”
Wim De Waele, CEO of B-Hive, said: “After nurturing the initiative from idea to proof of concept, we are thrilled that our partners selected a member of B-Hive, norbloc, and we look forward to Isabel Group and the banks launching the pilot. We will continue to support them in the process wherever we can, and are eager to see how we can continue to create bridges across the wider community.”
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