ISLAMABAD, March 22: The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Central Depository Company (CDC), has developed a concept paper to enhance the eZfile portal for enabling same-day corporate bank account opening.
According to a press release issued today, the proposed initiative aims to streamline regulatory and technological processes, reduce redundancies, and improve efficiency in corporate banking. By integrating eZfile with banking systems, newly registered companies will be able to set up corporate accounts seamlessly during incorporation.
The enhanced portal will introduce a dedicated “Corporate Account Opening” section, allowing businesses to submit additional documents during registration. Verified company data will then be shared with selected banks, enabling a standardised, same-day account activation process.
Key features include real-time data exchange via a push-based mechanism, API integration with banks, centralized Know Your Customer (KYC) procedures, e-alerts for account activation, and provisional account creation. Additionally, SECP is exploring the use of the RAAST payment system to further streamline transaction processing.
The initiative is part of SECP’s broader efforts to enhance the ease of doing business, promote financial inclusion, and support economic growth by ensuring that new companies gain immediate access to banking services.
The concept paper has been published on SECP’s website for public feedback, inviting stakeholders to review and provide suggestions for further improvements.
