The first national blockchain-based electronic Know Your Customer (eKYC) banking platform for Pakistan will be created and implemented by the Pakistan Banks’ Association (PBA) in accordance with a project agreement signed with the Avanza Group.
The PBA headquarters in Karachi hosted the signing event. The ceremony was attended by Tawfiq Hussain, CEO of PBA, Waqas Mirza, Omer Khan, CEO of Avanza Solutions (Pvt) Ltd, and PBA Chairman Muhammad Aurangzeb, also president of HBL and director of BPRD SBP.
The State Bank of Pakistan’s (SBP) ongoing attempts to improve the nation’s anti-money laundering (AML)/terrorist financing (TF) control infrastructure include the eKYC initiative. The introduction of this platform would boost bank productivity and enhance client satisfaction, particularly at the time of account opening, in addition to tightening AML regulations and promoting financial inclusion.
Once used by a member bank, eKYC data may be utilised by other banks for Customer Due Diligence (CDD), which lowers the expense and time associated with onboarding customers and enhances the account opening process, hence promoting financial inclusion.
The eKYC platform ‘Consonance’ from the Avanza Group is being used for PBA. The platform will employ blockchain technology, allowing banks to standardize and exchange customer information via a decentralized and self-regulated network.
This will be a support platform for Pakistan’s banking industry, and all participating member banks will be able to perform assessments of their existing as well as new customers by utilizing information/data available with any other bank on ‘Consonance’.