Pakistan Banks Association Will Use A Blockchain-Based KYC System

In a move spearheaded by the State Bank of Pakistan (SBP), the Pakistan Banks’ Association (PBA) – an association of 31 traditional banks in the country – has officially approved the construction of a blockchain-based Know Your Customer (KYC) platform. This groundbreaking initiative is designed to enhance Anti-Money Laundering regulations and combat terror financing within Pakistan, providing much-needed security and protection for all citizens.

This New KYC Platform Called Consonance Will Advance Pakistan Into The Blockchain World

The Daily Times recently announced that the PBA had taken a monumental step forward to create Pakistan’s first blockchain-based national eKYC banking platform. Avanza Group is spearheading this venture, named “Consonance,” as member banks will have access to an efficient and self-governed system that allows them to swap customer data with consent from their customers. Having such a structure in place gives financial institutions increased opportunities for assessing both existing and potential clients quickly and securely.

More information; 724 Feed