Pakistan Banks’ Association (PBA) has announced significant progress in the development and implementation of its Shared Electronic Know Your Customer (e-KYC) Platform. Initiated in March 2023 in collaboration with the State Bank of Pakistan (SBP), the platform is poised to revolutionize the customer onboarding process across the banking sector through the integration of advanced blockchain technology.
The project, currently in the activation phase, involves concerted efforts from PBA, participating banks, technology partners, and SBP to ensure a seamless and efficient rollout.
The Shared eKYC Platform is being introduced in a phased approach, with eight banks slated to deploy the platform in its inaugural phase. To date, the base software has been successfully implemented at two banks, while others are progressing through various stages of readiness, including verification, testing, and deployment.
Utilizing blockchain technology, the platform aims to expedite customer due diligence processes, leading to increased productivity and an enhanced customer experience. The platform’s blockchain connectivity offers multifaceted applications, extending its utility beyond customer onboarding to include TBML document verification and electronic clearing.
Additionally, the platform facilitates secure and standardized exchange of customers’ KYC or CDD information across the banking industry. This feature is expected to streamline onboarding procedures, improve data accuracy, and generate cost savings for banks.
Recognizing the platform’s potential to transform the banking landscape, SBP has issued a circular urging all banks to join the Shared eKYC Platform. Banks are advised to allocate the necessary financial, technological, and human resources to ensure its timely and effective implementation.
To facilitate a smooth rollout, PBA remains actively engaged with participating banks and the platform’s vendor, Avanza, monitoring progress and addressing any challenges that may arise.
The introduction of the Shared eKYC Platform underscores the banking industry’s commitment to innovation and customer-centric solutions, paving the way for a more streamlined and efficient banking experience in Pakistan.
Source: PBA