Yesterday the Central Bank of Sri Lanka announced it completed a blockchain proof of concept (PoC) with ten banks to share know-your-customer KYC data. The trial finished in June, and we first reported it planned the PoC almost two years ago.
The experiment aimed to improve the customer experience. So if a consumer goes to another bank, they don’t have to repeat the process. But it also helps to reduce operational costs for banks. The central bank believes a user-friendly process encourages consumers to adopt digital financial services, increasing financial inclusion.
The ten banks involved in the PoC were Amana Bank, Bank of Ceylon, Cargills Bank, Commercial Bank of Ceylon, DFCC Bank, Hatton National Bank, HSBC, National Development Bank, People’s Bank and Standard Chartered Bank.
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