In order to facilitate the clearing process of Payment Orders (POs) and Demand Drafts (DDs) and to safeguard the interests of general public, SBP under Section 3 of Payment Systems and Electronic Fund Transfers Act 2007, has decided to introduce Guidelines on Standardization of POs and DDs.
2. In this connection, all Banks and MFBs are advised to issue POs and DDs as per the new standards with effect from April 1st, 2016.
3. Further, to facilitate customers, Banks/MFBs shall devise a centralized mechanism for the verification of genuineness of POs and DDs. In this regard, the following steps should be taken:
a. Set up 24/7 helpdesks / call centers, so that person in possession of instruments is able to verify the genuineness of the instrument.
b. Bank branch shall validate the genuineness of PO / DD if the holder of instrument approaches in person any branch offering online banking services.
c. Arrange proper training of staff to examine / verify the security features / genuineness of PO / DD.
4. All other instructions on the subject shall however, remain unchanged.
5. Please acknowledge receipt.
Encl: As above