KARACHI: The State Bank of Pakistan (SBP) has advised all Exchange Companies to ensure the integration of their systems with Nadra for customers’ Biometric Verification System (BVS) by June 30, 2022.
According to SBP’s directives, Exchange Companies (ECs) and Exchange Companies “B” Category (ECs-B) were required to implement the Biometric Verification System (BVS) latest by October 22, 2021.
Towards this, State Bank had requested Nadra to facilitate the ECs sector in the Implementation of BVS. However, given the technical challenges currently faced by ECs sector, Nadra proposed to offer an android-based BVS for ECs/ECs-B.
Accordingly, the State Bank, on the request of Exchange Companies Association of Pakistan (ECAP) allowed the exchange companies to accommodate its customers by using the services of another facility of Nadra named E-Sahulat till the implementation of android based BVS i.e. November 5, 2021.
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In addition, the SBP has forwarded the technical requirements, received from Nadra, to ECs/ECs-B with an objective to ensure implementation of BVS within the given timelines. However, going forward, any technical and financial matter related to implementation of BVS is the sole discretion of Nadra and respective EC/ECs-B.
Therefore, ECAP or individual ECs/ECs-B may like to approach Nadra directly for any technical/financial issues, regarding implementation & procurement of systems, devices etc.
The SBP has advised all ECs/ECs-B to deploy BVS as provided by Nadra at their outlets for biometric verification after November 5, 2021. However, any relaxations/extensions in the timeline will only be allowed to the companies that will approach SBP with genuine reasons along with an explicit time-bound implementation plan.
Moreover, according to letter sent by SBP to ECs, Nadra has informed that going forward, the android-based BVS could also be integrated with the core business application of ECs/ECs-B.
Therefore, all the ECs/ECs-B are required to continue their coordination with NADRA to ensure that the integrated system is implemented within the stipulated timeline of June 30, 2022, the letter said.
Copyright Business Recorder, 2021