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SBP Orders Banks and Financial Institutions to Update Mobile and Internet Banking Apps

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The State Bank of Pakistan (SBP) has issued a directive to all regulated entities in the banking sector, mandating the update of mobile and internet banking platforms with a standardized list of purposes for electronic funds transfers by the end of December 2023.

Acknowledging the existing practice where each financial institution provides its own range of transaction purposes for customers conducting electronic transactions, the SBP aims to simplify and enhance customer convenience by introducing a uniform list of purposes. This comprehensive list has been formulated in consultation with the banking industry.

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All financial entities, including commercial and microfinance banks, PSO/PSP operators, and EMIs, have been advised to integrate this standardized list of purposes into their digital applications for internet and mobile banking. The prescribed list includes:

  1. Bill Payments
  2. Donations
  3. Educational Payments
  4. Transfer to Own Accounts
  5. Transfer to Family & Friends
  6. Insurance/Takaful
  7. Investments
  8. Loan/Credit Card Payments
  9. Medical Expenses
  10. Food & Grocery Purchases
  11. Clothing & Accessories Purchases
  12. Subscriptions
  13. Salaries/Wages
  14. Travel Expenses
  15. Vendor/Supplier/Business Payments
  16. Others

This initiative is intended to streamline and unify the transactional experience for customers across various banking platforms, ensuring a more standardized and user-friendly interface for electronic funds transfers.

https://news.google.com/publications/CAAqBwgKMLHe1Asw4_nrAw?ceid=PK:en&oc=3
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