Global Editions

Banks Advised to Ensure Real Time Fund Transfer Facility

In the backdrop of low utilization of real time large value funds transfer facility, State Bank of Pakistan (SBP) has advised the participating banks for Pakistan Real-time Interbank Settlement Mechanism (PRISM) to ensure availability of this facility and to create awareness among general public about it.

While using this facility a customer can send Rs. 100,000 or above. The banks have been advised to take immediate necessary actions for ensuring availability of PRISM fund transfers facility at their branches from 9:00 am till 3:00 pm on working days, Monday till Friday.

The SBP says the move is aimed at facilitating the general public for prompt fund transfers. The participating banks have been advised to create awareness among general public about the usage of this facility through advertisements in print media and by printing of brochures and displaying signboards / banners at prominent locations in branches.

The State Bank of Pakistan notes that various reasons may be attributed to the low utilization of the PRISM facility, like non-facilitation of bank’s branch staff, lack of awareness about this channel and non-implementation of Straight Through Processing (STP) functionality between PRISM and banks’ core banking systems.

PRISM participants will report actions taken in this regard to Payment Systems Department (PSD) on monthly basis.

According to SBP one of its goals under Strategic Plan 2016-2020 is to develop a modern and robust payment system to provide efficient, secure and low cost payment services to the general public.