Circulars/Notifications - Payment System Department  
 PSD Circular Letter No. 03 of 2021
June 15, 2021 

Chief Executive Officers
All Electronic Money Institutions (EMIs)

Dear Madam/Sir,

IBAN Implementation Guidelines for EMIs


     Please refer to PSD Circular No. 02 of 2012 dated May 15, 2012 on International Bank Account Number (IBAN) Implementation Guidelines.

2. It has now been decided that those EMIs which are at the pilot or commercial launch stages of their operations may also issue IBANs for their customers as per the above-mentioned Guidelines.

3. In this regard, as stipulated in Para 7.1 (1) of the above-mentioned Guidelines, EMIs shall approach the Payment Systems Department, State Bank of Pakistan (SBP) at [email protected] with request for the issuance of Business Identifier Code (BIC) to be used as part of their IBANs. SBP reserves the right to assign any appropriate BIC in accordance with the Guidelines.

4. SBP may also decide to publish the list of BICs along with the names of Banks/EMIs on its website.

5. All other instructions on the subject shall remain unchanged.

Please acknowledge receipt.

Yours sincerely,


(Shoukat Bizinjo)
Additional Director

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