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KARACHI: Towards digitisation of payments and receipts in the corporate sector, State Bank of Pakistan (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 and 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.

SBP announces digital cheques clearing, unified QR code for payments initiatives

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.

Copyright Business Recorder, 2021

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3 Comment(s)
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Hanif Oct 16, 2021 04:11pm
Best
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Khalid Hussain Oct 17, 2021 06:30am
This is a very good initiative however safe and secure product should be provided by banks. Current available products provided by banks are not safe. We started online payments but later realised that banks only transfer to the bank account and don't cheque whether title of that account is correct or not which can lead to wrong the payment. There is a risk of fraud that if a person keep the title same but change the account number then amount will be transferred to that other account. Here I would suggest to banks and SBP to provide safe products which can check the transaction at least on 2 parameters i-e bank account number and its title
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NM Faisal Oct 18, 2021 01:21am
@Khalid Hussain , Amazing ... Banks are not checking title of account against account number. It is just your thinking but in fact you have some big misunderstanding or lack of knowledge of banking process and rules. All banks are liable to work as per procedure and also liable to rectify the entry if posted wrong on rechecking or on pointing by the customer or depositer.
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