State Bank of Pakistan, in order to increase the coverage of electronic payment systems as a first step, has decided to allow 3rd Party Fund Transfers in PRISM System, with immediate effect, as described in PRISM Operating Rules. All PRISM Direct Participants are, therefore, allowed to send individual 3rd Party Fund Transfers (using MT 103) through PRISM System for amounts of PKR 10 Million and above. This, limit, however will not be applicable to NCCPL’s request for Fund Transfers in PRISM System. It is expected that extending such a facility through PRISM would not only enhance efficient and timely fund transfers by banks, but would also result in cost reduction for such transfers for the customers of banks.

All PRISM Direct Participants are further advised to ensure compliance with the attached Customer Transfer Guidelines, Payment Systems and Electronic Fund Transfers Act 2007, PRISM Operating Rules, 2009 and all other applicable SBP rules and regulations including those related to KYC and AML/CFT.

Encl.: As above