KARACHI: The State Bank of Pakistan (SBP) said on Sunday that all digital fund transfers are settled instantly and beneficiaries receive funds in real time. However, the two hours cooling period, introduced in April 2023, applies only on the usage or cash-out of funds received in branchless banking accounts.
Referring to the reports on social media regarding the 2 hours cooling period for digital fund transfers, SBP has clarified that all digital fund transfers are made on real time basis and the beneficiaries receive funds in their accounts almost instantly. The 2-hours cooling period is applicable only on the usage/ cash-out of funds received in branchless banking wallets/accounts, it added.
While the funds in the branchless banking wallets/ accounts are also received instantly, the cash-outs, on-line purchases or mobile top-ups against these funds can be made after the two (02) hours cooling period, the SBP mentioned.
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SBP also clarified that this requirement was introduced in April 2023 as the ‘customer due diligence requirements’ for branchless banking accounts are relatively simpler and thus they have greater probability of use in fraudulent transactions.
The two hours cooling period allows sufficient time to the customers to report any fraudulent transactions to their banks.
The cooling period instructions issued two and half years back have worked smoothly and proved to be a robust check against fraudulent transactions.
