SECP eZfile Portal to Enable Same-Day Corporate Bank Account Opening

ISLAMABAD: The SECP eZfile portal is set to introduce a same-day corporate bank account opening feature, streamlining business registration and banking access. The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Central Depository Company (CDC), has developed a concept paper outlining key enhancements to the eZfile portal for seamless integration with banking systems.

The initiative focuses on reducing redundancies, enhancing efficiency, and simplifying regulatory compliance. The new “Corporate Account Opening” section will allow businesses to submit required documents during registration, enabling verified data to be shared with selected banks for an expedited process. API integration, real-time data exchange, centralized KYC, e-alerts, and provisions for provisional accounts will further improve security and compliance.

Additionally, the Raast platform may be leveraged to enhance transaction processing. This move aligns with SECP’s broader goal of improving the ease of doing business, promoting financial inclusion, and supporting economic growth.

The SECP eZfile portal enhancements aim to create a one-stop solution for company incorporation and banking. The concept paper has been published on SECP’s website to gather public feedback before implementation.