SBP Seeks Public Feedback
SBP Seeks Public Feedback State Bank of Pakistan has released a draft of Open Banking Regulation for public consultation, which aims to foster innovation, strengthen competition and expand access to digital financial services to effective customers in the country.
اوپن بینکنگ سے ایک اکاؤنٹ کی معلومات کی بنا پر اپ دوسرے بینک میں اکاؤنٹ کھلوا سکتے ہیں یعنی اپ ان کو بتائیں گے کہ میرا پہلے سے اکاؤنٹ ہے لیکن کسی اور بینک میں تو اپ کی اجازت سے بینک اپ کی معلومات تک رسائی حاصل کر سکتا ہے اس سے نئے بینک میں مدد ملے گی اپ کی معلومات کو ویریفائی کرنے میں
According to a press release issued by the bank, the draft regulations seek to give consumers greater control over their financial data through secure consent-based data sharing and the initiation of business payments through authorized third-party payment processors.
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Open Banking to Boost Digital Payments
This process will help in making B2B and C2B digital payments i.e. business to business and business to consumer, all the methods will be taken and with this help, digital payments will be made easy for the consumers.
New uses of data sharing on consent will also be enabled, including stronger credit statements, better access to financing for SMEs, and procedural support for subject finance. The process of data sharing will be facilitated.
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SBP Seeks Public Feedback on Open Banking
The central bank said the draft is in line with international best practices. It is based on the findings of the first group of its regulatory sandbox on open banking that concluded in the hall. It provides safeguards for preventing data breaches, cyber security fraud and consumer protection.
The State Bank has said that the framework will further strengthen the role of digital financial services and also supports its strategic objective to move forward through the Jamia and Mohsin financial ecosystem. As part of the consultation, the bank has also sought feedback from existing technology provider user groups, academic institutions and the general public.
Source: SBP releases draft Open Banking