Real Time Interbank Settlement Mechanism: SBP allows third party multiple credit transfers

The State Bank of Pakistan (SBP) has decided to allow multiple credit transfers for third party transfers with immediate effect to enhance the payment transfer facilities via Pakistan Real Time Interbank Settlement Mechanism (PRISM).
However, according to an SBP circular issued on Monday, the lower value limit for each credit transfer in MT 102 will be Rs 100,000 and a maximum of 10 payment instructions will be allowed to be sent through one MT 102 message. The transaction can be done Monday to Friday between 9am to 4:30 pm and Rs 25 will be charged for each payment instruction within a single MT 102.
According to SBP circular all inclusive transaction charges recovered by banks/DFIs from their customers for each payment instruction sent using MT 102 shall not exceed Rs 50. However, MT 103 may continue to be used for third party time critical single credit transfers attracting charges as outlined in PSD circular letter No 5 dated October 14, 2011, it added.
SBP has directed all PRISM Direct Participants to ensure compliance with the Customer Transfer Guidelines, Payment Systems and Electronic Fund Transfers Act 2007, PRISM Operating Rules, 2009 and all other applicable SBP rules and regulations, including those related to KYC and AML/CFT. All other instructions on the subject shall, however, remain unchanged, it concluded.