Shared eKYC for the banking industry

The 1st phase of implementation of the eKYC project will be commencing in 2023 after the official document signing ceremony takes place in January 2023.

The implementation will be done in phases and managed by the eKYC Working Group. The first phase will comprise several banks, including the three banks which originally participated in the POC – ABL, MCB & Meezan Bank. Other banks will be subsequently identified, as per their readiness.

Following discussions of the eKYC Working Group with the vendor and consultations with SBP, the contract document with the vendor was finalized in December 2022 and certain clauses have been agreed upon and amended after mutual discussions.

PBA has also conducted awareness sessions for member banks, so that members are fully aware of the benefits eKYC offers for the banking industry, as it also requires external engagement and preparation for banks to be able to roll out the shared eKYC capability, timely and successfully.