Please refer to PSD’s Circular No. 1 of 2007 dated August 23, 2007 regarding Settlement of Intra & Inter-Switch ATM Transactions by Karachi Office SBP BSC (Bank).
2. In order to reduce the settlement risk and to enhance efficiency as per SBP’s Vision 2020, 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).
3. To mitigate the Liquidity / Settlement Risk, all member banks are advised 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.
4. The clearing cycles for each business day are attached at Annexure-‘A’.
5. The electronic settlement of 1Link clearing through PRISM will be made operational from 3rd July, 2018.
6. In case of any queries, please contact Syed Muhammad Taha, Deputy Director SBP at [email protected] or Mr. Rehman Pervez, Assistant Director SBP at [email protected] and Mr. Muhammad Bashir Khan, Head of Operations 1Link at [email protected]
Please acknowledge receipt.