ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) has developed a concept paper to enhance the eZfile portal for same-day corporate bank account opening.
The key features of the concept paper, prepared in consultation with the Central Depository Company (CDC), include integrating regulatory, technological, and digital procedures with banking systems.
According to a press release issued by the SECP on Tuesday, this integration aims to enhance the ease of doing business, promote financial inclusion, and support economic growth by providing newly established companies with immediate access to banking services.
The eZfile portal will introduce a “Corporate Account Opening” section, enabling companies to set up bank accounts during registration by submitting additional documents. Verified data will be shared with selected banks for a seamless, standardized, same-day account opening process.
A push-based mechanism will ensure real-time data exchange, while API integration with banks, centralized KYC, e-alerts for activation, and provisions for provisional accounts will enhance efficiency and compliance. The RAAST platform may also be leveraged to streamline transaction processing.
According to the concept paper, this feature aims to create a more efficient, one-stop solution for company incorporation and corporate banking. The new feature will ensure that businesses can complete the necessary steps for account opening without unnecessary delays or confusion.
The concept paper on enhancing the eZfile portal for same-day corporate bank account opening has been placed on SECP’s website to seek public comments.
