FCY cross border payments/transfer cases: SBP introduces new functionalities in Data Acquisition Portal

KARACHI: In order to automate the process of submission of documents regarding subject payments, the State Bank of Pakistan (SBP) has introduced new functionalities in Data Acquisition Portal (DAP).

SBP has introduced three new functionalities including T01-ACU Payments, T02-Local US Dollar deposits and withdrawals- FE2 and T03-CRR & SCRR deposits and withdrawals- FE25 in DAP.

In this connection, SBP has advised all banks to submit their cases for processing of FCY Cross Border Payments/Transfer Case payments through DAP.

The revised automated procedure for submission of cases will come into force with effect from 1st July 2023, and existing practice of sending physical documents to SBP will be discontinued from the same date.

SBP has asked all banks to ensure meticulous compliance of aforesaid instructions.

Copyright Business Recorder, 2023