The Pakistan Banks’ Association signed a contract with Avanza Group to develop a blockchain-based shared Know Your Customer (KYC) solution. With a customer’s consent, any KYC data collected by one bank’s compliance department can be shared with another.
Avanza’s ‘Consonance’ eKYC platform will mean KYC processes become more standardized to ease the exchange of data between banks using the shared blockchain.
From a consumer perspective, if someone is shopping around for a mortgage, it can make the process far more painless if KYC data can be shared. It could make switching between banks easier, but there’s always considerable customer inertia.
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