The Presidents/Chief Executives
All member banks of 1LINK & MNet ATM Switches
1LINK & MNet Switches
Dear
Sir / Madam,
Settlement
of Intra & Inter-Switch ATM Transactions by Karachi
Office SBP BSC (Bank)
In
order to streamline the ATM operations in Pakistan, State
Bank of Pakistan (SBP) has decided to transfer the settlement
of inter-bank ATM transactions from MCB Bank Limited and
ABN Amro Bank to SBP. The settlement is to be made in banks’
current accounts maintained at Karachi Office SBP BSC (Bank).
This will be effective from October 01, 2007. The switches
and their respective member banks are required to comply
with the following guidelines:
1)
1LINK and MNet shall prepare bank-wise statements of all
ATM transactions executed through respective switches between
00:00:00 to 23:59:59 (hh:mm:ss).
2)
Both switches shall submit the net position of receivables
and payables (inter-bank, intra-switch) to Karachi Office
SBP BSC (Bank) on or before 12:30 pm in the format already
agreed to debit/credit the concerned banks’ current
accounts. The net position report must be signed by authorized
persons of the switches.
3)
For settlement of inter-bank, inter-switch ATM transactions,
MCB Bank Limited, through the authorized persons, shall
submit to Karachi Office SBP BSC (Bank) on or before 12:30
pm one combined net position of receivables and payables
in the format already agreed to debit/credit the concerned
banks’ current accounts maintained at Karachi Office
SBP BSC (Bank).
4)
Switches shall also report the same net positions to the
respective member banks so that their treasury departments
can ensure timely action to cover net shortfall or manage
surplus in their accounts with Karachi Office SBP BSC (Bank).
5)
Switches to submit separate report for any subsequent adjustments
in previous statements along with the net position of the
day as per agreed format.
6)
Karachi Office SBP BSC (Bank) will only debit / credit the
current accounts of banks on the basis of net off positions
provided by the Switches and will inform the concerned banks
& Switches accordingly.
7)
Switches shall maintain complete details (i.e. date wise,
bank wise) of clearing and adjustments for inspection purpose.
8)
Switches shall immediately update the Karachi Office SBP
BSC (Bank) in case of any change in the profile of their
authorized signatories.
9)
All clearing related activities other than settlement shall
continue to be performed by the respective switches on behalf
of their member banks as per agreed procedures.
Please
acknowledge receipt.