Pakistan’s Banking Association Implements First Blockchain-based eKYC Banking Platform
On March 3, the Pakistan Banking Association (PBA), on behalf of all its member banks, signed a contract with Avanza Group for the development and implementati…
On March 3, the Pakistan Banking Association (PBA), on behalf of all its member banks, signed a contract with Avanza Group for the development and implementation of Pakistan’s first blockchain-based national eKYC banking platform.
The Pakistan Banking Association launched a blockchain-based national eKYC platform
Interpret the above information:
On March 3, 2021, the Pakistan Banking Association (PBA) entered into a contract with Avanza Group to develop and implement Pakistan’s first blockchain-based national eKYC banking platform. This platform will enable the banks to carry out electronic know-your-customer (eKYC) verification, a process that is essential in the banking industry to ensure the identity of the customer and prevent frauds.
With this development, Pakistan will be taking a significant step towards modernizing its banking system and embracing the transformative potential of blockchain technology. By leveraging blockchain, the banking system will become more efficient, secure, and automated.
The eKYC banking platform will allow customers to open a bank account online, provide digital documentation and authentication, and complete the verification process within minutes. This platform will also simplify Cross-Border transactions by streamlining the authentication process, reducing the time and cost of transactions.
The development of this blockchain-based banking platform is a significant milestone in the banking industry. The PBA has taken the lead in creating a more secure, efficient and cost-effective banking system. Through this technology, bankers have a system to mitigate risk while being compliant with country, regional and global regulations.
The use of blockchain technology will ensure that all data, including personal information, is highly encrypted and impossible to tamper with. This technology also ensures that the data is not shared with unauthorized parties as the information can be verified through a secure process while complying with data security regulations.
Additionally, this platform will reduce the cost and efforts required to authenticate user identities. This can speed up processes like opening bank accounts, obtaining loans or other banking-related activities, further boosting the financial sector of the country.
In conclusion, the development of Pakistan’s first blockchain-based national eKYC banking platform is a significant step towards modernizing Pakistan’s financial services sector. The platform is expected to lead to greater efficiency, security, and transparency in the banking system, with cost savings and time efficiencies.
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