# Synechron Partners with R3 in One of the Largest Distributed Ledger Consortium Projects of the Year
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-08-24
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: 12 Global Banks Collaborate on Self-Sovereign Identity
Meta Description: Synechron and R3 are partnering on a DLT project to develop a KYC solution using Corda. The project, LEIA 2, aims to reduce KYC costs and enhance digital
URL: https://financedigest.com/synechron-partners-with-r3-in-one-of-the-largest-distributed-ledger-consortium-projects-of-the-yearhtml

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**_12 global banks sign on to create the foundation for corporate self-sovereign identity in financial services_**

Synechron, Inc, the global financial services consulting and technology services provider, has today 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](https://www.financedigest.com/how-digital-identity-verification-will-revolutionize-security-defenses-in-the-financial-services-industry.html "How Digital Identity Verification Will Revolutionize Security Defenses in the Financial Services Industry") 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](https://www.financedigest.com/digitally-projected-revenue-to-be-the-unique-selling-point-of-surgical-chisels-market.html "Digitally projected revenue to be the unique selling point of Surgical Chisels Market") identity.

The project, known as LEIA 2, is one of the largest collaborative DLT efforts this [year and includes 12 banks](https://www.financedigest.com/bank-of-england-poised-to-raise-rates-by-most-in-33-years.html "Bank of England poised to raise rates by most in 33 years") 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)](https://www.synechron.com/finlabs).

The project aims to solve the problems around data collection, data validation, customer experience and data privacy that plague current KYC processes in [Corporate Banking](https://www.financedigest.com/bank-of-england-sets-out-plans-to-sell-23-billion-corporate-bond-stockpile.html "Bank of England sets out plans to sell billion corporate bond stockpile"). The solution would fit within the existing framework of in-house and external data providers, but also build [towards a more disruptive vision for bank](https://www.financedigest.com/deutsche-banks-rollercoaster-ride-towards-more-stability.html "Deutsche Bank’s rollercoaster ride towards more stability") processes and the customer experience. DLT has inherent features that allow it to address KYC requirements for validated, trusted [data without the risk](https://www.financedigest.com/omicron-poses-very-high-risk-but-data-on-severity-limited.html "Omicron poses ‘very high’ risk but data on severity limited") of tampering or fraud. The [technology also enables self-sovereign distribution models](https://www.financedigest.com/research-and-technological-innovations-to-bolster-developments-in-animal-model-market.html "Research and Technological Innovations to Bolster Developments in Animal Model Market") that enable the data owners, the Corporates, to control the distribution of their own identity data.

Faisal Husain, CEO of Synechron said, “Distributed [ledger technology](https://www.financedigest.com/how-distributed-ledger-technologies-are-transforming-esg-reporting-for-financial-intermediaries.html "How Distributed Ledger Technologies are transforming ESG reporting for Financial Intermediaries") 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](https://www.financedigest.com/beyond-the-hype-metaverse-and-the-future-of-financial-services.html "Beyond the hype – metaverse and the future of financial services ") of KYC and financial services.”

Todd McDonald, Co-Founder of R3 commented, “This project builds on the success of LEIA1 with a use case that will be foundational in many other financial [services](https://www.financedigest.com/growing-cases-of-down-syndrome-to-drive-the-speech-therapy-services-market.html "Growing cases of “Down Syndrome” to drive the Speech Therapy Services Market") 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](https://www.financedigest.com/balancing-innovation-and-security-within-the-financial-services-industry.html "Balancing innovation and security within the financial services industry") industry.”


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