Karachi: The State Bank of Pakistan (SBP) on Tuesday (April 26) released a circular advising banks to improve the safety of their consumer payment apps for a better service experience, news sources reported. The banks are asked to comply with the new guidelines by December 31, 2022.
According to a statement published on the SBP website, the following guidelines were issued to banks:
Banks are urged to create new consumer apps as per international standards and well-established procedures to safeguard the confidentiality and integrity of client data.
App owners (banks) would also create a policy that governs mobile app business objectives, standards, compliance, guidelines, controls, obligations, and liabilities.
Banks may introduce features other than those mandated by the SBP to improve customer experience.
Banks will modify and upgrade their app security architecture annually or whenever there are significant changes in the online payment environment.
It is worth noting that the SBP has previously asked that banks begin Person-2-Person (P2P) payment options for branchless banking. Similarly, the central bank has invited banks to submit applications for a contactless, branchless banking system to help people in distant areas and the lower middle class gain financial inclusion. In addition, the creation of ‘Raast,’ a digital payment service, was also part of the SBP’s mission to provide banking solutions to those who do not have traditional bank accounts.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
