The State Bank of Pakistan on Friday announced to impose service charge of Rs 200 per transaction in Pakistan Real-time Interbank Settlement Mechanism (PRISM) System from all direct participants. PRISM System, as a part of Payment Systems reforms, was implemented in July, 2008, by SBP with a significant initial investment in the project.
The system is working satisfactorily for the last two-and-a-half years for electronic settlement of funds and government securities transactions. However, to keep the system efficient, it needs to be maintained, and upgraded, in line with international practices. It has, therefore, been decided in consultation with the stakeholders to partially offset the maintenance and future upgradation costs, a nominal service charge of Rs 200 per transaction in PRISM System from all PRISM direct participants will be recovered, with immediate effect.
Transaction charges will be calculated and recovered on monthly basis on the third working day of following month from participant's current account maintained at SBP BSC (Bank) Karachi Office. A "transactions charges recovery report" will also be subsequently sent to each PRISM participant for their information and record.