Pakistan’s banking industry is set for a revolution with the launch of a national blockchain-based eKYC platform by the Pakistan Banks’ Association (PBA) in collaboration with the Avanza Group.
The new platform, developed as part of the State Bank of Pakistan’s ongoing efforts to strengthen control infrastructure for Anti Money Laundering (AML)/Terrorist Financing (TF), will enable all participating member banks to standardize and exchange customer data via a decentralized and self-regulated network. This move is expected to bring about significant improvements in the customer experience, particularly at the time of account opening, while also promoting financial inclusion.
The eKYC (electronic Know Your Customer) platform ‘Consonance‘ from Avanza Group is being implemented for PBA. 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 utilising information and data available with any other bank on ‘Consonance’.
Once performed by a member bank, the eKYC data can be utilised by other banks for customer due diligence (CDD), thus minimising cost and effort in customer onboarding and improving the customers’ account opening experience.
On March 2, 2023, in Karachi The ceremony was attended by PBA Chairman, Mr Muhammad Aurangzeb, who is also President HBL; Mr Akhter Javed, Director BPRD, SBP; Mr Tawfiq Hussain, CEO PBA, the signatory for PBA; Mr Waqas Mirza, CEO Avanza Innovations; and Mr Omer Khan, CEO, Avanza Solutions (Pvt) Ltd, the signatory for Avanza.
Avanza Solutions, founded in 2000, has been dedicated to providing digital transformation solutions and services to organizations around the world. As an ever-evolving and dominant force in the industry, Avanza serves as a central hub for innovation and digitalization, constantly developing and deploying cutting-edge technologies such as Customer Experience, Artificial Intelligence, Blockchain, Channel Banking, Smart City applications, Business Automation, and Cognitive platforms.
With a focus on people-centric innovation and automation, Avanza has successfully provided digital solutions to multiple organizations globally, including those in the Banking, Finance, Telecommunication, Insurance, Pharmaceuticals, Government sectors, and beyond.