SBP guidelines for Downtime of Digital Services
According to SBP, the use of digital channels and customers’ reliance on carrying out day-to-day transactions has increased manifold in recent years. Furthermore, it has been noted that in cases of service outages, customers are not informed in a timely manner. Due to that people face service inconveniences. That’s why SBP has taken this step to provide guidelines for Digital Services Downtime. A set of fresh instructions to facilitate the customers of the financial institutions has been issued in order to ensure that customers are informed about service disruptions due to any scheduled or unforeseen activity timely. As per guidelines, all Regulated Entities (RE) need to inform the customers and SBP about any planned activity which may result in service disruption. Moreover, Financial institutions need to intimate the customers at least two days in advance through different communication channels. They must not be limited to SMS alerts, social media platforms, or in-app notifications, only. The institutes also need to inform SBP at least one week in advance of any planned activity. If downtime exceeds by more than two hours of its planned duration, then it needs to be immediately conveyed to the customers. SBP must also be reported in that case. Guidelines also suggest that in case of unanticipated service disruption for more than thirty minutes, all customers are required to be immediately informed regarding the disruption of services through the communication channels. Even though, an estimated time of restoration of services and SBP must be notified. As per SBP directives, all Regulated Entities must establish mechanisms in order to continuously monitor social media platforms. This must be done in order to proactively identify and address customer complaints or issues relating to the availability of digital channels. Let me tell you that REs include:
Bank Microfinance Banks Payment System Operators (PSOs) Payment Service Providers (PSPs) Electronic Money Institutions (EMIs)
The point worth mentioning here is that earlier instructions regarding reporting of planned downtime for the payment card system and clause 10(V) of PSD Circular No. 3 of 2018 related to the temporary unavailability of EFT services should stand withdrawn. No matter if it is due to any scheduled maintenance or up-gradation of systems. Any non-compliance will result in penal actions as per relevant laws and regulations. Also Read: Apple Is Working On An In-House Chip To Power Cellular, Wifi & Bluetooth Functionality – (phoneworld.com.pk)
