COVID-19 condition is emerging in Pakistan, to combat the potential unfold of COVID-19 pandemic in-country by restricting person-to-person interactions ,State bank of Pakistan(SBP) has announced the multiple facilities for the end-users including the scan cheques acceptance/direct cheque deposit/ and some more facilities.
Direct Cheque Deposit Facility
State bank of Pakistan has shared the three clauses for the direct deposit check facility.
a) A crossed cheque could also be given by payee/beneficiary directly into the paying/drawee bank, rather than their bank branches as per the present apply.
b) During this case, funds could also be transferred by the paying/drawee bank either through RTGS client fund transfer - MT102 or Over the Counter (OTC) IBFT or Bank’s internal on-line system (in case each remunerator & recipient banks are the same).
c) Before debiting their customer’s account, the paying/drawee bank should take all necessary precautions together with however not restricted to client decision back or multifactor authentication to verify the authenticity/genuineness of the instrument and verification of their various customers.
Similarly, before crediting the client account, the payee/beneficiary bank should make sure the credibleness of the customer’s credentials furthermore.
Door Step Cheque Collection
On the Request of the customer, Doorstep Cheque assortment Banks/MFBs might build arrangements to gather cheque from registered addresses of their customers.
Dropbox Cheque Facility
Some braches do some arrangements of drop boxes at their location, and customers may drop their checks in placed boxes.
Scanned Cheque Facility
Banks might permit their Corporates/Priority customers to send them the scanned image of the cheque in conjunction with relevant details of the Beneficiary either through registered emails or through mobile Apps of their banks to push funds from their accounts to the recipient bank.
However, such an arrangement should be punctually in agreement with the client below the correct Terms & Conditions in conjunction with the complete revealing of risks and liabilities. The Paying/Drawee bank shall implement all necessary controls together with decision back confirmation or multifactor authentication to establish the credibility and genuineness of the instrument and identity of the recipient.
Upon satisfactory validation, Paying/drawee bank might transfer funds to the beneficiary bank using MT 102 of RTGS (PRISM).
All aforesaid items are attached to Annexure-A. However, banks are requested to implement further risk-mitigating measures as per their internal policies whereas providing these services to their customers.
Further, to reduce person-to-person interaction, Banks/MFBs can also build arrangements with the financial organization (NIFT) for clearing their cheques through Image primarily based Clearing (IBC) practicality as per the in agreement SOPs between NIFT and banks.
While transferring funds through RTGS, the involved Banks/MFBs shall guarantee compliance with relevant clauses of PSD Circular No. three of 2018 on “Electronic Fund Transfers Regulations”. Further, Banks/MFBs are suggested to follow all relevant laws, rules, and rules issued by SBP from time to time.
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