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Inter-Bank Fund Transfer (IBFT) Presentation BA

The document introduces an Inter-bank Funds Transfer (IBFT) facility in Pakistan's National Clearing & Settlement System (NCSS) to facilitate clearing members in settling their NCSS money obligations. The IBFT allows clearing members to request the transfer of funds between bank accounts at designated bank branches to settle payments. Upon a clearing member's request through the IBFT screen, the settling banks will debit the requesting member's account and credit the National Clearing Company of Pakistan's account. Funds will then be credited to the counter clearing member's account same day, and banks will confirm the transfers through the IBFT screens. Any requests without sufficient funds will not be processed.

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330 views

Inter-Bank Fund Transfer (IBFT) Presentation BA

The document introduces an Inter-bank Funds Transfer (IBFT) facility in Pakistan's National Clearing & Settlement System (NCSS) to facilitate clearing members in settling their NCSS money obligations. The IBFT allows clearing members to request the transfer of funds between bank accounts at designated bank branches to settle payments. Upon a clearing member's request through the IBFT screen, the settling banks will debit the requesting member's account and credit the National Clearing Company of Pakistan's account. Funds will then be credited to the counter clearing member's account same day, and banks will confirm the transfers through the IBFT screens. Any requests without sufficient funds will not be processed.

Uploaded by

JalalUdDin
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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Through National Clearing & Settlement System

(NCSS)

1
Introduction
State Bank of Pakistan has allowed direct participating banks of Pakistan
Real Time Interbank Settlement Mechanism (“PRISM”) to settle funds
transfers in respect of NCCPL in PRISM system effective from July 12,
2010.

By virtue of said directive by SBP, all direct participating banks of PRISM
may use MT103 for interbank fund transfers of NCCPL’s funds to facilitate
its settlement function.

2
Introduction
Accordingly, NCCPL has introduced Inter-bank Fund Transfer (IBFT)
facility in the National Clearing & Settlement System (“NCSS”) to facilitate
their Clearing Members in settlement of their NCSS money obligation.

By this facility Clearing Members can initiate request to NCCPL for transfer
of funds from their any bank account maintained with any of the designated
branch of settling banks to any other bank account which shall also be
maintained with any of the designated branch of settling banks.

Clearing Members shall also required to instruct their settling banks to debit
their account and credit NCCPL’s account as per the request made through
IBFT screen.

Such IBFT facility is available to Clearing Member for its own account or for
transfer of funds to any other Clearing Member’s account. 3
Introduction
Upon execution of request by Clearing Member through IBFT screen,
settling banks shall debit the requisite amount from the bank account of CM
and credit NCCPL’s account through IBFT fund transfer screen.

Accordingly, after having fate of credits in NCCPL’s bank account, such


funds shall be credited to counter Clearing Member, as per the request made
by requesting Clearing Member, on the same day as per the designated time
schedule (DTS) by the settling bank branch and confirm such transfer
through IBFT fund transfer screen.

In case of non-availability and/or short of funds as compared to the fund


transfer request, such transactions shall be ignored by the system for further
processing.

4
CM will initiate request through IBFT Screen

Instructions sent to SBs to Dr CM Account


and Cr NCCPL Account

NCSS Shall not


If amount
If amount does not process such request
Credited
Credit by Bank further

NCCPL will process IBFT


request

Cr Instructions from NCCPL to


SB’s

NCSS Shall not


If the IBFT detail If the IBFT detail is process such
is correct not correct request further

Bank shall Cr the counter CM


account , as requested , and
Dr the NCCPL account

5
IBFT Screen-For CM
NCSS > CM Module > IBFT Screen

6
IBFT List Screen-For CM
NCSS > CM Module > IBFT List Screen

7
IBFT Collect Screen for Settling Banks

8
IBFT Payment Screen for Settling Banks

9
Thank you
!
NATIONAL CLEARING COMPANY OF PAKISTAN LIMITED

8th Floor, Karachi Stock Exchange Building,


Stock Exchange Road, Karachi – 74000 Pakistan

TEL : (92-21) 3246 0820-23 FAX: (92-21) 3246 0827


E-Mail : [email protected]
Website : http://www.nccpl.com.pk

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