Avanza Group and the Pakistan Banks’ Association (PBA) have agreed to work together to establish a blockchain-based know-your-customer (KYC) platform. The project is a component of the State Bank of Pakistan’s efforts to improve the nation’s infrastructure for preventing money laundering and terrorist financing. Blockchain technology is used by Avanza’s e-KYC platform Consonance to allow banks to standardize and exchange customer information over a “decentralized and self-regulated network.”
With the help of the information gathered from the KYC checks conducted by other participating institutions, banks will be able to evaluate both their current and potential customers. In order to promote financial inclusion, this should reduce onboarding expenses and enhance the consumer experience while creating an account.
