SECP's proposal seeks quick opening of bank accounts
The Securities and Exchange
Commission of Pakistan (SECP), in collaboration with the Central Depository
Company (CDC), has released a concept paper outlining plans to enhance the
eZfile portal, enabling same-day corporate bank account opening.
According to a press release, the
initiative seeks to streamline regulatory processes, reduce redundancies, and
improve efficiency in corporate banking. By integrating eZfile with banking
systems, newly registered companies will be able to seamlessly open corporate
accounts during the incorporation process.
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The upgraded portal will feature a
dedicated "Corporate Account Opening" section, allowing businesses to
submit additional documents as part of the registration. Verified company data
will be shared with selected banks, facilitating a standardized, same-day
account activation.
Key features of the initiative
include real-time data exchange via a push-based mechanism, API integration
with banks, centralized Know Your Customer (KYC) procedures, e-alerts for
account activation, and provisional account creation. SECP is also exploring
the use of the RAAST payment system to further streamline transaction
processing.
This move is part of SECP's broader
strategy to enhance the ease of doing business, promote financial inclusion,
and support economic growth by ensuring that new companies have immediate
access to banking services.
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The concept paper has been published
on SECP’s website for public feedback, inviting stakeholders to review and
provide suggestions for further improvements.
Source: Profit Pakistan