SBP automates verification process
In continuation of the steps taken for ease of doing business, the State Bank of Pakistan (SBP) has automated the verification of refinance claims under the Export Finance Scheme (EFS). “Automated verification will significantly enhance the efficiency of refinance operations and improve exporters’ access to liquidity,” the SBP said in a statement on Friday. With this move, refinance claims can now be verified through an online system by banks and can be made available for performance calculation and loan entitlement within minutes. “After a brief parallel run, this automated verification of refinance claims will permanently replace the existing manual verification being performed by Foreign Exchange Operation Department (FEOD) and Development Finance Divisions (DFDs) in SBP-BSC offices,” it said.
Published in The Express Tribune, August 13th, 2022.
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