On March 2, 2023, Avanza Group and the Pakistan Banks’ Association (PBA) signed a contract to collaborate on developing a blockchain-based know-your-customer (KYC) platform called “Consonance.” The PBA made this known through an announcement on its website.
The new KYC platform will allow banks to share customer personal information through a decentralized, self-managed network. Participating banks will be able to assess both old and new customers using the KYC-checked data provided by other banks.
This project will bring greater efficiency to the participating banks, resulting in an improved customer experience during account opening, thus, facilitating financial inclusion. It will also enhance customer relations and reduce the cost of onboarding customers.
The State Bank of Pakistan (SBP) initiated this e-KYC project to strengthen the control infrastructure for Anti-Money Laundering and Counter-Terror Financing (AML/CTF) activities in the country. As an umbrella body overseeing the project on behalf of the banking industry, the PBA is a group of 31 traditional banks operating in Pakistan, including Citibank, the Industrial and Commercial Bank of China, and Deutsche Bank.
This project is also one of SBP’s many initiatives aimed at digitalizing the country’s financial activity. The bank is developing a central bank digital currency (CBDC) following the Pakistani government enactment of new regulations that will facilitate the establishment of the CBDC by 2025.
Avanza Group specializes in the development of cutting-edge financial software, customer experience management tools, blockchain, artificial intelligence, channel banking, smart city, business automation, and cognitive platforms. The company also announced the project and contract via its Twitter account.
A momentous occasion! 🤝
Pakistan Banks’ Association (PBA) and Avanza Group signed the Project Contract for Pakistan’s first Blockchain based National Banking Platform in Karachi on 2nd March 2023.#AvanzaGroup #AvanzaInnovations #AvanzaSolutions #demystifyingthefuture #PBAeKYC pic.twitter.com/2XMcxHoanL
— Avanza Group (@avanzagrp) March 3, 2023
Omar Ahmed Khan, the CEO of Avanza Solutions, expressed his excitement about the project. In his words: “This is not just any other project; it’s Avanza’s contribution to Pakistan’s digital landscape by implementing the cutting-edge technology that will benefit not only the financial institutions but eventually the people of Pakistan.”
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