SBP extends online portal

KARACHI: The State Bank of Pakistan has developed online portal called SBP Regulatory Approval System (RAS) to enable banks, Electronic Money Institutions (EMIs), Payment System Operators (PSOs) and Payment Service Providers (PSPs) to submit cases/proposals and receive regulatory decisions digitally.

“This move aims at promoting digitalisation and encourage eco-friendly practices”, the SBP said in a statement on Wednesday.

RAS for Payment Systems Policy & Oversight is being rolled out for industry-wide implementation. RAS will make submission of requests and proposals by regulated entities efficient, easy to track and paperless. Moreover, it will also allow the dissemination of regulatory decisions to regulated entities electronically through RAS portal.

RAS will run in parallel with manual (conventional) mode of case submission for a period of one and a half months (1.5 months) whereby regulated entities will continue to submit cases manually (as well as digitally through RAS).

To facilitate users of RAS, a Service Help Desk has also been set up where complaints regarding business and technical aspects of RAS may be lodged. Service Help Desk User Manual is prepared to help users navigate through Service Desk. This will allow SBP to identify and address potential issues that may arise during live operations. The move is expected to create trust and allow regulated entities to get used to the new system.