The Pakistan Banks’ Association (PBA) has announced the commencement of the first phase of the Shared eKYC Project, set to begin in March 2023. This follows the official Agreement signing ceremony held on March 2, 2023, marking a significant milestone in the project’s development.
After extensive deliberations between the eKYC Working Group, the selected vendor, and consultations with the State Bank of Pakistan (SBP) and PBA’s legal advisors at M/S Mandviwala & Zafar, the contract document was finalized.
Recognizing the importance of seamless integration and adoption, PBA has taken proactive steps to ensure member banks are well-informed and prepared for the transition. Awareness sessions have been conducted to educate members on the benefits of eKYC and its transformative potential for the banking industry.
The Shared eKYC Project promises to streamline customer onboarding processes, enhance operational efficiencies, and offer a more secure and standardized approach to Know Your Customer (KYC) compliance. With external engagement and meticulous preparation, PBA aims for a timely and successful rollout of this innovative capability across member banks.
Source: PBA