The Securities and Exchange Commission of Pakistan (SECP) has unveiled a major initiative aimed at simplifying the process of corporate banking by launching a same-day account opening service for companies. In collaboration with the Central Depository Company (CDC), the SECP has developed a comprehensive concept paper to enhance its eZfile portal, which will now include a streamlined feature for faster corporate bank account setup.
This new initiative seeks to address the time-consuming process that businesses often face when opening corporate bank accounts. Historically, companies had to go through multiple layers of documentation and verification, which created bottlenecks and slowed down the overall business establishment process. With the integration of regulatory, technological, and digital procedures, SECP aims to eliminate redundancies and improve the efficiency of the account opening process.
The core of this new approach lies in the integration between regulatory processes and banking systems. By linking various digital procedures, SECP plans to create a smoother and more efficient experience for newly established companies looking to open a corporate bank account. The goal is to ensure that businesses can access banking services as quickly as possible, contributing to Pakistan’s efforts to promote financial inclusion and bolster economic growth.
One of the key features of the upgraded eZfile portal is the introduction of a “Corporate Account Opening” section. This section will allow companies to initiate the process of opening a bank account at the same time they complete their registration process with SECP. Companies will be required to submit additional documents during registration, and once the data is verified, it will be shared directly with selected banks. This will allow for a standardized, efficient, and most importantly, same-day account opening process for businesses.
To make this process seamless, a push-based mechanism will be implemented to ensure real-time data exchange between the SECP and participating banks. Additionally, the portal will feature API integration with banks, centralized Know Your Customer (KYC) processes, e-alerts for account activation, and provisions for provisional accounts, all of which aim to enhance efficiency and ensure compliance with regulatory requirements. The platform may also leverage the RAAST system, which is Pakistan’s real-time digital payment platform, to streamline transaction processing.
This feature is set to provide businesses with a one-stop solution for both company incorporation and corporate banking. By offering a more streamlined and automated approach, the SECP intends to eliminate delays that previously caused confusion and frustration for companies. It will allow businesses to complete all necessary steps for account opening without unnecessary paperwork or back-and-forth communication.
The concept paper detailing the proposed improvements to the eZfile portal has been placed on the SECP’s official website for public review. The SECP is inviting feedback from the public to refine the proposal and ensure that it meets the needs of all stakeholders involved. By incorporating input from the broader business community, the SECP hopes to fine-tune this initiative and ensure that it provides a hassle-free, transparent, and efficient system for corporate banking in Pakistan.
This initiative represents a significant step forward in Pakistan’s digital transformation, particularly in the realm of corporate finance. By offering same-day corporate account opening services, the SECP is not only making it easier for businesses to start operating but is also contributing to the broader goals of financial inclusion and economic development.