SECP launches same-day account opening initiative for corporates

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has developed a concept paper in consultation with Central Depository Company (CDC) to enhance the eZfile portal for same-day corporate bank account opening, said a press release on Tuesday.

The key features of the concept paper include integrating regulatory, technological and digital procedures with banking systems to streamline the process, eliminate redundancies and improve efficiency. This integration aims to enhance the ease of doing business, promote financial inclusion and support economic growth by providing newly established companies with immediate access to banking services.

The eZfile portal will introduce a Corporate Account Opening section, enabling companies to set up bank accounts during registration by submitting additional documents. Verified data will be shared with selected banks for a seamless, standardised, same-day account opening process. A push-based mechanism will ensure real-time data exchange, while API integration with banks, centralised KYC, e-alerts for activation, and provisions for provisional accounts will enhance efficiency and compliance. The RAAST platform may also be leveraged to streamline transaction processing.

According to the concept paper, this feature aims to create a more efficient, one-stop solution for company incorporation and corporate banking. The new feature will ensure that businesses can complete the necessary steps for account opening without unnecessary delays or confusion.The concept paper on enhancing the eZfile portal for same-day corporate bank account opening has been placed on the SECP’s website to seek public comments.