Banks in Pakistan to employ blockchain technology for KYC checks.
The blockchain-based system will allow them to exchange the personal information of customers through what they describe as a decentralized and self-regulated network.Pakistan Banks’ Association has signed a contract for the implementation of a blockchain-based know-your-customer platform which will be developed by Avanza Group. The latter unites companies specializing in advanced banking applications, customer experience management solutions, blockchain, and artificial intelligence.
The signing ceremony was held at the industry organization’s office in Karachi on Thursday and was attended by a number of officials, including its Chairman, Muhammad Aurangzeb and the CEO of Avanza Innovations, Waqas Mirza, the PBA announced. The project to create the electronic KYC system is part of ongoing efforts of the State Bank of Pakistan to strengthen the country’s anti-money laundering and counter-terrorist financing control infrastructure, a press release elaborated.
“In addition to strengthening AML controls, the deployment of this platform will bring about efficiencies at participating banks and will result in improvement in customer experience,” detailed the PBA, which has been overseeing the project on behalf of its members.Consonance, the e-KYC platform designed by Avanza, uses blockchain technology to enable banks to standardize and exchange personal details via a “decentralized and self-regulated network.
Banks will be able to make assessments of their existing and new customers using the data from KYC checks performed by other participating institutions. This should minimize onboarding costs and improve customer experience when opening an account, thus “facilitating financial inclusion,” the PBA insisted.that he sees few good use cases for crypto. At the same time, he acknowledged that blockchain technology can be useful with its potential to solve many problems.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Blockchain projects face 'lack of appetite' from US regulators, says Austin FederaSpeaking to Cointelegraph at the ETHDenver conference on March 1, Austin Federa addressed the cause of the network’s recent outage, regulation and its mobile device.
Leer más »
Can blockchain help combat climate change?From managing carbon credits to promoting renewable energy sources, blockchain technology has the potential to play a key role in addressing climate change.
Leer más »
Let's Talk About That Explosive 'Outer Banks' Season FinaleThe Ending of 'Outer Banks' Season 3, Explained
Leer más »
See Kiara's Surfer-Girl Style Evolution on 'Outer Banks'Obsessed with Kiara's style on Netflix's 'Outer Banks'? Here's where to shop her beachy outfits, including her favorite necklaces.
Leer más »
Jeffrey Banks Named Chief Creative Officer of K9Wear, a Pet Fashion CompanyFashion designer Jeffrey Banks will assume the role of chief creative officer of K9Wear, a pet fashion company.
Leer más »
VFX Supervisor Art Codron Interview: Outer Banks Season 3We chat with OuterBanks VFX supervisor Art Codron (FuseFX) about the physics behind season 3's visuals and how the challenge compares to his work on TheRookie:
Leer más »