SBP for submission of FCY cross- border payments/ transfer cases

KARACHI: The State Bank of Pakistan (SBP) has asked for submission of FCY Cross Border Payments Cases through SBP Nostros using Data Acquisition Portal (DAP).

In order to automate the process of submission of documents regarding FCY cross border payments/transfers, SBP has introduced new functionalities in Data Acquisition Portal (DAP) including T01-Asian Clearing Union (ACU) payments, T02-Local US Dollar deposits and withdrawals-FE2 and T03-CRR & SCRR deposits and withdrawals-FE25.

In this connection, SBP has advised all banks to submit their cases for processing of subject payments through DAP as per guidelines given by SBP.

The revised automated procedure for submission of cases will come into force effect 1st July 2023 and existing practice of sending physical documents to SBP will be discontinued from the same date. All banks are advised by SBP to ensure meticulous compliance of aforesaid instructions.

Copyright Business Recorder, 2023