Circulars/Notifications - Payment System Department  
 PSD Circular No. 02 of 2017
Jul 25, 2017 

The Presidents / Chief Executives,
Payment Systems Operators/ Payment Service Providers

Dear Sir,

Payment Systems Designation Framework


Payment Systems are one of the most critical financial market infrastructures that facilitate the transfer of money between the different financial institutions, whereas, Designated Payment Systems (DPS) are usually Systemically Important Payment Systems (SIPS). Any deficiency in design or disruption in operations of SIPS can adversely impact the functioning of financial markets.

The Section 4 of Payment Systems and Electronic Fund Transfer (PS&EFT) Act 2007 empowers State Bank of Pakistan to designate a Payment System by a written order if it finds it to be necessary in the public interest.

Considering the need for the enhanced oversight of Payment Systems and exercise its powers under the various provisions of PS&EFT Act 2007, SBP has decided to issue Payment Systems Designation Framework. Payment Systems’ Designation will ensure the smooth operations and better risk management of the Payment Systems by Payment Systems Operators and Payment Service Providers in Pakistan. 

Payment Systems Designation Framework

Yours sincerely,


(Syed Sohail Javaad)
Head of Department

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