Shared eKYC project, a platform for sharing customers’ KYC (Know Your Customer) information amongst banks has been initiated at the request of SBP for the purpose of integrating Financial Institutions.
A virtual awareness session was arranged by PBA on April 27, 2022 for CEOs of member banks to better understand the eKYC platform. At the session, CEO PBA, Mr Tawfiq Hussain, explained the importance of the Shared eKYC platform. He urged all banks to prepare themselves for the project roll out, especially the formation of in-house task forces which would be coordinating with the PBA Working Group and the selected vendor when the project gets underway. Mr Tawfiq Hussain further indicated that the cost of the project will be shared by all PBA member banks as per the mechanism of cost sharing already approved/ applied by PBA for earlier, similar projects, undertaken by PBA on behalf of its member banks.
PBA’s Working Group is currently evaluating Technical and Financial proposals submitted by two vendors. Final selection will be made with the approval of the PBA EC.
In addition to the Working Group, a Steering Committee (as an oversight body) has also been formed with senior representatives from PBA EC & management and also from SBP.
