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    External Relations: Department

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    Waleed Khalid
    The State Bank of Pakistan (SBP) has mandated that banks and other regulated entities provide digital payment options to corporate clients to enable businesses to send and receive payments digitally. SBP asked regulated entities to facilitate large value payments for corporations through digital channels like online fund transfers and card payments. Regulated entities must submit roadmaps and progress reports to SBP on facilitating businesses' digital payments and receipts. This aims to increase documentation, help businesses manage transactions, and support tax measures requiring digital payments.

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    External Relations: Department

    Uploaded by

    Waleed Khalid
    16 views2 pages
    The State Bank of Pakistan (SBP) has mandated that banks and other regulated entities provide digital payment options to corporate clients to enable businesses to send and receive payments digitally. SBP asked regulated entities to facilitate large value payments for corporations through digital channels like online fund transfers and card payments. Regulated entities must submit roadmaps and progress reports to SBP on facilitating businesses' digital payments and receipts. This aims to increase documentation, help businesses manage transactions, and support tax measures requiring digital payments.

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    Pr-15-Oct-2021

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    The State Bank of Pakistan (SBP) has mandated that banks and other regulated entities provide digital payment options to corporate clients to enable businesses to send and receive payments digitally. SBP asked regulated entities to facilitate large value payments for corporations through digital channels like online fund transfers and card payments. Regulated entities must submit roadmaps and progress reports to SBP on facilitating businesses' digital payments and receipts. This aims to increase documentation, help businesses manage transactions, and support tax measures requiring digital payments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    16 views2 pages

    External Relations: Department

    Uploaded by

    Waleed Khalid
    The State Bank of Pakistan (SBP) has mandated that banks and other regulated entities provide digital payment options to corporate clients to enable businesses to send and receive payments digitally. SBP asked regulated entities to facilitate large value payments for corporations through digital channels like online fund transfers and card payments. Regulated entities must submit roadmaps and progress reports to SBP on facilitating businesses' digital payments and receipts. This aims to increase documentation, help businesses manage transactions, and support tax measures requiring digital payments.

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    External Relations Department

    ERD/M&PRD/PR/01/2021-115 October 15, 2021

    SBP instructs Banks to Digitize Corporate Payments

    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)

    Page 1
    External Relations Department
    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.

    **********

    Page 2

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