On behalf of all of its member banks, the Pakistan Banks’ Association (PBA) inked a project agreement with the Avanza Group for the creation and operation of Pakistan’s first national eKYC banking platform built on the blockchain. On March 2, 2023, the signing ceremony took place at the PBA headquarters in Karachi.
PBA Chairman Mr. Muhammad Aurangzeb, who is also President of HBL, Mr. Akhter Javed the Director of BPRD & SBP, Mr. Tawfiq Hussain the CEO of PBA & the signatory for PBA, Mr. Waqas Mirza the CEO of Avanza Innovations, and Mr. Omer Khan the CEO of Avanza Solutions (Pvt) Ltd & the signatory for Avanza, were all present at the ceremony.
The eKYC Project will Improve the Innovativeness
The eKYC (electronic Know Your Customer) project is a component of SBP’s continuous initiatives to improve the country’s anti-money laundering/counterterrorism financing control infrastructure. Under the direction of the State Bank of Pakistan, PBA has been in charge of the project’s planning and management on behalf of the banking sector.
The implementation of this platform will boost efficiency at participating banks, increase client satisfaction, particularly at the time of account opening, and reinforce AML controls in addition to promoting financial inclusion.
PBA Uses the “Consonance” System
PBA is using the “Consonance” eKYC technology from Avanza Group. With the use of the platform’s blockchain technology, banks will be able to standardize and transmit client information across a decentralized, self-regulatory network with their permission. This would serve as a support platform for Pakistan‘s banking sector, enabling all participating member institutions to analyze both their current and potential clients by using information and data from other banks’ “Consonance” systems.