In order to reduce the settlement risk and to enhance efficiency, State Bank of Pakistan (SBP) has assigned 1Link as a Special Participant to settle the clearing obligations for ATMs, IBFT, POS and UBPS transactions through Pakistan Real-time Interbank Settlement Mechanism (PRISM).
According to PSD Circular No. 04 of 2018, to mitigate the Liquidity/Settlement Risk, SBP has advised all PRISM member banks to maintain adequate funds/liquidity in their current accounts with SBP BSC (Bank), Karachi, based on their existing and future clearing requirements.
The member banks failing to settle their obligations within fifteen (15) minutes time may face penal action under applicable laws. The electronic settlement of 1Link clearing through PRISM will be made operational from 3rd July, 2018. According to circular, this move will also help to enhance efficiency as per SBP's Vision 2020.
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