Sources in banking sector said that in February 2011, the State Bank, in order to increase the coverage of electronic payment systems as a first step, decided to allow the third Party Fund Transfers in PRISM System and accordingly, all PRISM Direct Participants were allowed to send individual Third Party Fund Transfers (using MT 103) through PRISM System for amounts of PKR 10 million and above.
However, it has been noticed that despite a lapse of considerable time, the utilisation of PRISM facility for real time fund transfers among general public remains low due to non-facilitation of bank's branch staff, lack of awareness about this channel and non-implementation of Straight Through Processing (STP) functionality between PRISM and banks' core banking systems.
According to the SD Circular No 01 of 2016 issued on January 11, 2016, therefore, to promote the third party fund transfers using PRISM, the SBP has advised all PRISM participants to take immediate measures for ensuring availability of PRISM fund transfers facility at their branches from 9:00 am till 3:00 pm on working days (Monday till Friday) and create awareness among general public through print media etc about the usage of this facility.
Awareness target may be achieved by printing brochures, advertisement in newspapers and displaying signboards/banners at prominent locations in branches. While offering this service, PRISM participants will ensure compliance of all relevant laws and regulations issued from time to time, the SBP directed. According to the SBP, all other instructions on the subject shall remain unchanged and PRISM participants have been asked to report action taken in this regard to Payment Systems Department (PSD) on monthly basis.