Same-day corporate bank account opening: SECP developing standardised app interface with SBP, PBA

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is developing a standardised application interface in collaboration with the State Bank of Pakistan (SBP), Pakistan Banking Association (PBA) and banks for same-day account opening initiative of corporate entities.

In this regard, the SECP has developed a concept paper in consultation with the Central Depository Company (CDC) to enhance the eZfile portal for same-day corporate bank account opening. The key features of the concept paper include integrating regulatory, technological, and digital procedures with banking systems to streamline the process, eliminate redundancies, and improve efficiency. This integration aims to enhance the ease of doing business, promote financial inclusion, and support economic growth by providing newly established companies with immediate access to banking services.

The eZfile portal will introduce a “Corporate Account Opening” section, enabling companies to set up bank accounts during registration by submitting additional documents. Verified data will be shared with selected banks for a seamless, standardised, same-day account opening process. A push-based mechanism will ensure real-time data exchange, while API integration with banks, centralised KYC, e-alerts for activation, and provisions for provisional accounts will enhance efficiency and compliance. The RAAST platform may also be leveraged to streamline transaction processing.

The initiative included standardised system-generated board resolution for account opening (Annexure-B) and API integration with all banks to facilitate seamless transmission of company data. Banks should be able to auto-open accounts based on verified information received from SECP via eZFile, ensuring same-day processing.

Additionally, a centralised KYC function should be established to eliminate redundant submissions across different branches. Upon successful account opening, companies should receive e-alerts for confirmation. Further, considerations must be made regarding the minimum deposit requirement and the biometric verification process for authorised signatories to ensure compliance and operational feasibility.

According to the concept paper, this feature aims to create a more efficient, one-stop solution for company incorporation and corporate banking. The new feature will ensure that businesses can complete the necessary steps for account opening without unnecessary delays or confusion.

A Working Group will be formed comprising of senior representatives from SECP, Pakistan Banking Association and SBP to deliberate on the enhancements presented above and to finalise the regulatory and operational framework.

Copyright Business Recorder, 2025