Circulars/Notifications - Payment System Department  
 PSD Circular No. 01 of 2016
Jan 11, 2016 

The Presidents / Chief Executive Officers,
All PRISM Participants,

Dear Sir / Madam,

Enhancing the Usage of RTGS (PRISM) for General Public

 

In order to facilitate the general public for transferring large value payments in an efficient and prompt manner, SBP vide Circular No. 2 of 2011 and PSD Circular Letter No 1 of 2012 had allowed the third party fund transfers facility through RTGS (PRISM). However, it has been noticed that despite a lapse of considerable time, the utilization of PRISM facility for real time fund transfers among general public remains low due to non-facilitation of bank’s branch staff, lack of awareness about this channel and non-implementation of Straight Through Processing (STP) functionality between PRISM and banks’ core banking systems.

To promote third party fund transfers using PRISM, all PRISM participant are advised to take immediate measures for ensuring availability of PRISM fund transfers facility at their branches from 9:00 am till 3:00 pm on working days (Monday till Friday) and create awareness among general public through print media etc. about the usage of this facility. This may be achieved by printing brochures, advertisement in newspapers and displaying signboards/banners at prominent locations in branches.

While offering this service, PRISM Participants shall ensure compliance of all relevant laws and regulations issued from time to time.

All other instructions on the subject shall remain unchanged.

Please acknowledge receipt and report action taken in this regard to Payment Systems Department (PSD) on monthly basis.

 

 

Yours sincerely,

Sd/-


(Syed Sohail Javaad)
Head of Department

       
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