KUBE

KUBE stands for “Know Your Customer Utility for Banks and Enterprises”. It is a secure, decentralised database based on blockchain technology. The Belgian financial sector is the first to make extensive use of blockchain for the identification of businesses. Isabel Group is developing the KUBE platform for its own payment activities and on behalf of Belfius, BNP Paribas Fortis, ING Belgium, and KBC. Other banks will also be able to join the platform in the future. The financial institutions will use the blockchain application KUBE for sharing corporate data as part of the Know Your Customer process. It will streamline the verification and maintenance of corporate identities for businesses and banks. In this way, KUBE will accelerate the provision of services to businesses and intensify the fight against fraud and money laundering. KUBE will allow the Belgian financial sector to be the first to use blockchain on a large scale for the identification of businesses.