The Presidents/Chief Executives
All Financial Institutions/
Clearing Houses/ATM Switches

Dear Sir/Madam,

Rules for Payment System Operators and Payment Service Providers

Payment System Operators (PSOs) and Payment Service Providers (PSPs) are important components of the Financial Market Infrastructure (FMI) of the country. PSOs and PSPs help develop an environment for efficient, convenient, and secure processing of payment transactions.

The PSOs and PSPs may include the following:

1. Electronic Payment Gateway Service Providers to perform routing and switching of payment transactions/messages to facilitate:
   • e-Commerce
   • Remittances
   • Point of Sale (POS) Network
2. Clearing Houses to provide payment-related clearing services.
3. ATM Switch Operators to provide routing of ATM transactions through interconnectivity between the participants of the network.
4. Any other Payment System Operator or Payment Service Provider as may be permitted by SBP.

As part of a broader strategy to create an enabling regulatory environment, bring systemic harmony, introduce standardization, and set benchmarks, the Rules for PSOs and PSPs have been developed and are being issued by the State Bank of Pakistan.

In case of any queries or clarifications, please do not hesitate to contact the Payment Systems Department at [email protected].

Please acknowledge receipt.