Sectoral Matter
Synchronized Withholding Administration and Payment Software (SWAPS): digitalization of corporate payments
PBA has been collaborating with FBR and SBP on Digitalization of Corporate payments and to eliminate the practice of floating checks and banks’ readiness to start corporate payments as per section 21 of ITO, 2001. To address the matter of Future Value Transaction (FVT) and digitalization of corporate payments, PBA’s Working Group on Digital Banking, SBP and FBR are jointly looking at innovative solutions to change the custom of post-dated cheques and to explore digital solutions available in the market for corporate payments, Direct Debit Facility etc.
