The new regulations were introduced for SBP’s Mobile Banking inter-operability on Monday so that the branchless banking service providers can also be facilitated this way. PTA and SBP developed these regulations together for the participants that include banks, technology providers as well as mobile network operators.
With the issuance of proper enforced framework for BB, there has been tremendous growth in business volume, branchless banking accounts and other agent networks as well. It has facilitated many numbers of banks to operate through multiple models by cooperating and joining hands together for offering all types of services to customers.
This year’s growth for mobile banking was 4.8 percent while the number of transaction for SBP’s second quarter reached Rs 25.8 billion which have brought about a regulatory environment, great standards and harmony while also set bars for other mobile and branchless banking services as well.
This way there shall be maximum access and connectivity through all banks and mobile networks greatly connected to meet all needs through third party service providers (TPSPs). However the related providers have been advised by SBP to upgrade their controlling procedures and all required laws so that they are in conformity with them at all times.
SAARC shall be coordinating and managing Payment Systems and its issues through discussions and interactions so that solutions are found to eliminate the challenges faced by remittances, trade as well as commerce.
Ashraf Mahmood Wathra who is the Governor of the SBP said at the inauguration that the Payment Systems and the Corresponding Banking in the SAARC area is needed at the event which was organized at Saarc Finance at National Institute of Banking and Finance in Islamabad which included various participants from SAARC countries along with foreign experts too.
He also said that f SAARC countries can have their own corresponding system then this can greatly help reduce the costs as well as time spent in these operations and that these regional countries cannot ignore these responsibilities as it will turn into risks for money laundering that is already faced today.
This was the pioneer seminar of such type at the SAARC level where new areas of cooperation and other such aspects were considered.