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SECP’s online payment facility through credit cards gaining popularity abroad

Published on 22nd June, Edition 25, 2015

 

Bank Alfalah launches visa corporate credit cards

The Securities and Exchange Commission of Pakistan (SECP)’s online fee submission facility, launched this year has gained currency and now the Commission has been regularly receiving fee through credit cards from various countries such as Belize, Hong Kong, Netherlands, Saudi Arabia, Singapore, UAE, UK and USA.

The SECP introduced the facility for online payment of fee through credit cards in its eServices regime, which put SECP at par with similar organizations/registries in developed jurisdictions. The facility, allows a promoter/investor to complete all the requirements, required for registration of a company online, including the submission of fee through credit cards. The new facility speeded up the registration time. This is testimony to SECP’s commitment towards creating a paperless environment.

The SECP’s facility, allows a promoter/investor to complete all the requirements, required for registration of a company online, including the submission of fee through credit cards. The new facility speeded up the registration time. This is a testimony to SECP’s commitment towards creating a paperless environment.

The SECP expressed the hope that this facility will be used extensively by stakeholders in Pakistan as well as throughout the world, and will result in increase in the number of registered companies in future.
The SECP has made an arrangement with MCB Bank Limited whereby MCB customers can make payments to SECP through MCB’s internet banking facility. Now customers with accounts of MCB Bank can make payments to SECP through online funds transfer facility without the hassle of visiting a bank or the SECP offices. Online filers of SECP can submit their documents through eServices and generate challan for payment, as per previous practice. Upon generation of challan, the user shall login to his Internet banking account with MCB and make payment to SECP using the challan number generated by SECP’s eServices. With the launch of online payment facility, it is now possible for stakeholders sitting anywhere in the country, having Internet facility, to make filing and related fee payment.

Since the launch of eServices by SECP in 2008, online payment facility was considered the only hurdle in providing complete online solution for their stakeholders. Now, with the launch of this facility, the SECP has achieved an important milestone, which sets it at par with the global regulators in terms of facilitation extended to end users. In addition to the launch of online payment facility through online fund transfer, the SECP is also working on adding more modes of online payment, such as credit and debit card for facilitating stakeholders.

 

It may be noted that to extend facilitation to stakeholders, the SECP had taken a number of steps in the past such as, placement of model memorandum and articles of association on its website, online filing facility (eServices), online company name search facility, almost 50pc less fees for online filers, online company profile search, fast track registration services, guidebooks to name a few.
On the other hand, Bank Alfalah, the fifth largest private bank and largest issuer & acquirer of credit cards in Pakistan announced the launch of Visa Corporate Credit Cards for its customers. Designed especially for the Corporate & SME segments, the Alfalah Visa Corporate Card empowers customers to pay for virtually all their business, travel and administrative expenses with convenient reporting tools and services.

“Bank Alfalah endeavors to become the bank of choice for consumers and we are working relentlessly towards enhancing our service capabilities to meet the evolving needs of our customers. The launch of the Visa Corporate Card is a step towards this ambition.” said a spokesman of the bank. The spokesman said, “We take pride in being Pakistan’s largest issuer and acquirer of credit cards. Our current business focus on product innovation, operational and technological efficiency, enhanced service capabilities and speed to market has played a pivotal role to this success. With Visa Corporate Credit Card we aim to now diversify our credit card portfolio and offer an efficient expense management solution with global convenience, payment flexibility and financial security to our corporate and SME customers”.

Bank Alfalah, the fifth largest private bank and largest issuer and acquirer of credit cards in Pakistan announced the launch of Visa Corporate Credit Cards for its customers. Designed especially for the Corporate & SME segments, the Alfalah Visa Corporate Card empowers customers to pay for virtually all their business, travel and administrative expenses with convenient reporting tools and services.

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