SBP directs banks for prompt transfer of large value amounts

KARACHI: The State Bank of Pakistan (SBP) on Monday directed the banks to ensure online transfer of large value payments in an efficient and prompt manner.

“To promote third party fund transfers using Pakistan Real-Time Interbank Settlement Mechanism (PRISM), all PRISM participant (banks) are advised to take immediate measures for ensuring availability of PRISM fund transfers facility at their branches from 9:00 am till 3:00 pm on working days,” the SBP said.

Further the banks have been advised to create awareness among the general public through print media etc, about the usage of this facility.  In order to facilitate the general public for transferring large value payments in an efficient and prompt manner, the SBP issued circulars in 2011 and 2012 allowing the third party fund transfers facility through RTGS (PRISM).

The SBP said it has been noticed that despite a lapse of considerable time, the utilisation of Pakistan Real-Time Interbank Settlement Mechanism facility for real time fund transfers among the general public remained low due to non-facilitation of bank branch staff, lack of awareness about this channel, and non-implementation of Straight Through Processing (STP) functionality between PRISM and banks’ core banking systems.

The central bank advised the commercial banks that the objectives may be achieved by printing brochures, advertisements in newspapers, and displaying signboards/banners at prominent locations in the branches.

While offering this service, Pakistan Real-Time Interbank Settlement Mechanism participants shall ensure compliance of all relevant laws and regulations issued from time to time, the SBP said.