IHS Markit is developing a blockchain-based system to handle cash payments in syndicated loans – and eventually, in a wider range of transactions.
A new partnership has been inked between identity startup Cambridge Blockchain and IHS Markit, the U.K.-based data analysis firm.
The deal will see Cambridge Blockchain complement IHS Markit’s existing services around anti-money laundering and know-your-customer, CEO Matt Commons said in a statement published today. The technology developed by the Massachusetts-based’s startup will be bridged with IHS Markit’s KYC.com platform.
The two firms will effectively apply distributed system concepts to the compliance issues tied to know-your-customer information (KYC), which banks must collect in accordance with money-laundering regulation, with the idea that clients have greater control over that data.
“We look forward to continuing our collaborating with IHS Markit to give financial institutions confidence that their KYC, AML, tax, legal, MiFID, EMIR and other regulatory information is complete, accurate and up-to-date,” Commons said.
The announcement also comes just under a year after Cambridge Blockchain completed a $2 million funding round, with backing coming from venture capital firms Partech Ventures and Digital Currency Group.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Cambridge Blockchain.
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