PSW to Launch New System for Import-Export Price Verification
The Pakistan Single Window has struck an agreement with Fintech Transformation Services (Private) Limited, also known as FTSL, and launched a new tool for digital verification of prices for imported as well as exported goods in Pakistan. This new tool will be helpful for commercial banks operating in Pakistan in terms of verifying the prices of the imported and exported goods. On the other hand, this system is planned to enhance compliance with the rules issued by the State Bank of Pakistan for managing the risks of trade-based money laundering and terrorist financing.
It will enable the banks to use advanced analytics of data that includes international and national trade data to better price such assessment and approval of trade-related financial transactions.
The Authorized Dealers of ADs under SBP’s regulations bear a big onus to reduce risks of money laundering and funding of terrorism through technological avenues, notably ascertaining correct prices of such goods purchased.
Traditionally, banks that engage in international trade finance activities used other international databases, various local market data, and also search engines on the internet in carrying out price checking. PSW has realized a more reliable solution is needed and has proactively taken measures to enhance the process in which it commands the largest collection of cross-border trade data in Pakistan.
By collaborating with FTSL, the current “TCN” solution of PSW will be enhanced in “TCN – Pakistan Trade Data Analytics.” This is an entirely automated system that integrates advanced analytics with international data sources in order to assist financial institutions in verifying prices effectively.
With the integration of national trade data, the solution of TCN shall be made more effective and provide banks with a reliable source of information. This improves the transparency of trade transactions and reduces the risk of money laundering in regards to trade while making the financial system more secure.
Syed Aftab Haider, CEO of PSW, said: “This collaboration with FTSL is a significant step in the modernization of Pakistan’s trade infrastructure. The financial institution tools to combat trade-based money laundering sustain and aid both national and international compliance standards while pushing for a transparent trading environment. We will continue to engage the best of technology for Pakistan’s improvement toward trade competitiveness.”
Nasir Qureshi, CEO of FTSL, said, “We feel proud to work with PSW and to utilize its in-depth data resources for cross-border trade. The partnership has enabled us to bring the TCN solution by FTSL to an international standard that was going to minimize financial crime. The best efforts of our experts have brought this collaboration to the doorstep of SBP requirements.”
In line with this, it reveals PSW’s commitment to improving a trade process that is efficient, transparent, and secure. It at the same time paves the way for future partnerships with the private sector in developing innovative products and services in cross-border trade.
