It gives me immense pleasure to present the Annual Performance Review of SBP Banking Services Corporation (SBP BSC) for FY19. The Corporation continued to achieve excellence in providing quality services to its customers and stakeholders in its diverse sphere of operations of banking services, currency management, foreign exchange, financial inclusion and support services.
SBP BSC made significant improvements in government tax collections through Alternative Delivery Channels (ADCs) which extends the government collection to all commercial banks and payment of sales tax refunds through Electronic Fund Transfer (EFT) enabling direct credit to taxpayers’ bank accounts. The usage of ADC has increased considerably during the last year and is expected to grow faster in the coming years with the induction of Micro Payment Gateway. In addition, SBP BSC made a transformational leap from one-cheque-per-person to one-cheque-per-bank system for various government accounts for pensions/salaries payments.
Modernization and automation of cash processing operations will continue and evolve with the use of high-end Banknote Processing and Authentication System (BPAS) at Karachi Office and its planned extensions. Additionally, SBP BSC is also procuring Banknote Disintegration System (BDS) machines. These initiatives will pave way for overall improvements in the quality of currency in circulation, counterfeit detection while bringing overall efficiency in currency operations.
Establishing Electronic Data Interchange (EDI) with Customs Department, Government of Pakistan to enhance the monitoring of foreign exchange trade related operations and implementing automated case management system in foreign exchange operations under Knowledge Management Program are significant steps towards automation. This is besides implementing SBP policies related to trade, commercial and private remittances.
The support services provided by SBP BSC in procurements, property management, medical, printing and security remained at appreciable level despite the high magnitude and volume of these services. Moreover, the Corporation continued strengthening its HR hiring and capacity building through direct recruitment and local and foreign training programs.
I envision SBP BSC as an evolving organization with technology enabled business process re-engineering and consolidation measures. Formulation of first Strategic Plan 2021-25 will define our roadmap aligned with the objectives of SBP. On reshaping the business models, SBP BSC is evaluating the transfer of refinance operations to commercial banks while enhancing its offsite and onsite monitoring. Going forward, centralization of Issue zones and developing a centralized cash inventory management system will enable automation in currency accounting. AML/CFT regime will also be strengthened in the operations through procurement of Automated Name Screening Solution as well as through in-house development of Transaction Monitoring Mechanism. Establishing smart offices with better-automated functions and having greater regional outreach will help SBP BSC in increasing the implementation of development finance and initiatives like NFLP. I am confident that effective use of technology will be a great enabler in this vision.
I would like to thank the management team, officers and staff of SBP BSC for their unwavering efforts towards achieving the strategic objectives of the organization and I am confident that they will continue to strive with even greater enthusiasm and zeal. I acknowledge with deep appreciation the support and guidance of the Governor SBP and SBP BSC Board. I am confident that together with the support of our stakeholders, SBP BSC will achieve greater milestones in years to come.
Muhammad Ashraf Khan
SBP Banking Services Corporation