Payment Systems stability is a core central banking function. Efficient and well functioning payment systems reduce systemic and operational risks, lower transaction costs, aid in efficient use of financial resources, help in financial market to become more liquid and promote stability in the financial system.

Following are the web links to the various publications of the Committee on Payment and Settlement Systems (CPSS) available on the web-site of the Bank for International Settlements (BIS) relating to international best practices in payment systems area:

• A glossary of terms used in payments and settlement systems
• Core Principles for Systemically Important Payment Systems
• Policy issues for central banks in retail payments
• Assessment methodology for "Recommendations for Securities Settlement Systems"
• Real-time gross settlement systems
  

In order to institutionalize its focus on payment systems stability, State Bank of Pakistan has established Payment Systems Department (PSD). The objective of this department is to implement RTGS Project, oversee the existing payment and settlement systems in place and develop a strategy with the banking sector for improvement in the existing systems. The department will also keep abreast with the current international best practices and deal with the banking sector in Pakistan on all issues relating to payment systems.

Mission of Payment Systems Department (PSD) is to provide settlement and payment services, and facilitate the development of payment systems for promotion and support of a sound and progressive financial sector in Pakistan.

Implement latest technology to keep SBP online with the domestic and international financial industry, and other stakeholders in order to promote efficiency and stability in the financial market.

On becoming fully functional, the department will carry out following:

• Formulate payment systems’ policies and facilitate adoption of international best practices.
• Introduce developmental strategies for modern payment systems.
• Operate real time gross settlement (RTGS) system for fund transfers & securities transactions efficiently and securely.
• Provide oversight to payment systems operated by others i.e. NIFT, ECH etc.
• Provide SWIFT services to internal departments and SBP BSC (Bank) Offices.
• SBP Real Time Gross Settlement System (RTGS) Project

Payment Systems Reports

Notifications & Circulars

Feedback on BIS Guidlines

PSD/DIR/Policy Guidelines/110/102/81

Guidelines For Account Holders Using Credit / Debit / Smart Cards

Payment Systems Department

Mr. Muhammed Saleem Rehmani
Director
Payment Systems Department
State Bank of Pakistan
I.I. Chundrigar Road, Karachi
PAKISTAN
Tel # : 92-021-9212549
Fax # : 92-021-9212528
muhammed.rehmani@sbp.org.pk