By the end of December 2023, regulated entities—including banks and financial institutions—must update their online and mobile banking platforms with the standard list of purposes for electronic fund transfers, according to a directive from the State Bank of Pakistan (SBP).
SBP Directs Banks and Financial Institutions To Update Their Mobile and Internet Banking Apps
The banking regulator observed that every financial institution offering an EFT facility gives its clients a choice of purposes when it comes to online and/or mobile banking transactions.
Therefore, following discussions with the banking sector, a standardized list has been created in an effort to simplify the list of purposes and give customers convenience.
The standardized list of purposes by all financial institutions, including commercial and microfinance banks, PSO/PSP operators, and EMIs must be implemented.
They should also make the required adjustments to their digital applications (online and/or mobile banking).
List of Standardized EFT Heads
The following is a list of standardized EFT heads:
Bill Payment
Donations
Educational Payment
Transfer to Own Accounts
Transfer to Family & Friends
Insurance/ Takaful
Investments
Loan/ Credit Card Payments
Medical Expenses
Food & Groceries Purchases
Clothing & Accessories Purchases
Subscription
Salaries / Wages Salary
Traveling
Vendor/ Supplier/ Business Payment
Others
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