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                      Jazz recognized as the Telecom Sector’s Most Preferred Employer
                      October 22, 2021
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                      October 26, 2021

                      SBP instructs Banks to Digitize Corporate Payments

                      Published by News Desk on October 25, 2021
                      Categories
                      • Digital Pakistan
                      Tags
                      • Digital Financial Services
                      • Digital Inclusion
                      • Digital Pakistan
                      • Technology Sector

                      Towards digitization of payments and receipts in the corporate sector, SBP has now made it mandatory
                      for its regulated entities (REs) including banks, microfinance banks, payment system operators and
                      payment system providers to provide digital means of payments to their corporate clients to enable
                      businesses for sending and receiving their payments.

                      SBP, in its recent Circular, has asked its regulated entities to facilitate their institutional clients including
                      corporations, companies, and partnerships for making large value payments through digital channels.
                      Regulated entities are now required to extend online portals/platforms for digital payments & receipts
                      of corporates including online interbank fund transfer services, online bill/invoice sharing and payment
                      services like over the Counter (OTC) digital payments services/facilities, card payments using Point of
                      Sale (POS) terminals, QR codes, mobile devices, ATMs, Kiosk or any other digital payments enabled
                      device.

                      In order to monitor the progress of implementation of these instructions, SBP has advised banks to
                      submit roadmap of implementing these measures within 30 days. Banks are also required to submit
                      quarterly progress reports to SBP on the number of businesses facilitated for digitization of their
                      payments and receipts.

                      SBP expects that these measures would increase documentation of value chains and help businesses
                      manage their large value transactions more effectively. The initiative will also facilitate implementation
                      of Federal Board of Revenue’s recently introduced measures on integration of businesses with FBR
                      system and conducting of corporate payments through digital means.

                      Regulated entities are also required to make all efforts to onboard non-corporate players including Sole
                      Proprietors, SMEs and MSMEs for the provision of digital payments. This initiative follows other recent
                      initiatives of the SBP to promote digitization in Pakistan including:

                      1) Issuance of Customers’ Digital Onboarding Framework for opening of bank accounts digitally
                      by Resident Pakistanis
                      https://www.sbp.org.pk/bprd/2021/C2.htm

                      2) Issuance of instructions for Enhancing Digitization Initiatives in Banks/MFBs with the vision to
                      promote digitization in the banking sector and encourage use of digital channels
                      https://www.sbp.org.pk/psd/2021/C1.htm

                      3) Provision of Repayment Facility to Bank Borrowers on Alternate Delivery Channels (ADCs)
                      (https://www.sbp.org.pk/psd/2021/CL1.htm)

                      4) Streamlining Payment Card Security Regulations in order to bring convenience to the
                      consumers with risk coverage that commensurate with the ever evolving payment card
                      markets and in line with international standards (https://www.sbp.org.pk/psd/2021/CL2.htm)

                      5) Launch of RAAST, Pakistan’s first Instant Payment System – an initiative by SBP
                      (https://www.sbp.org.pk/press/2021/Pr-11-Jan-21.pdf)

                      SBP has taken various interventions to promote digitization in the country and these ongoing steps
                      are expected to result in increased convenience for the customers to fulfil their financial needs
                      through safe, rapid and secure digital infrastructure in Pakistan.

                      The circular issued is available at weblink https://www.sbp.org.pk/psd/2021/CL5.htm.

                      Author

                      • News Desk

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