Banks would ensure that the confidentiality of the customers’ data is sufficiently protected through appropriate oversight and security clauses in the contract.
SBP has advised all banks to keep their concerned branches open on the day till such time necessary to facilitate the special clearing for Government transactions by the NIFT.
After the pilot run, the facility will be rolled out to cover all the salaries, pension as well as supplier payments of the federal and provincial governments.
As per details, the payroll and pension-roll data will be shared from CGA system to SBP’s Raast through a highly secured interface, and payments to the beneficiaries’ accounts will be made instantly after validating the beneficiaries’ detail.
“The growth is credit positive for Pakistani banks because it attracts customers from the previously unbanked population, which creates new business opportunities and boosts banks' financial performance,” said Moody’s.