SBP Launches Pakistan Express Clearing System (PECS) to Streamline Cheque Clearing and Settlement
Karachi, October 5, 2026
The State Bank of Pakistan (SBP) has announced the launch of Pakistan Express Clearing System (PECS), aiming to revolutionize digital payments and enhance the efficiency of cheque clearing and settlement processes.
Key Features of PECS:
- Cheque Truncation: The system relies on truncating cheques, where physical instruments are replaced by electronic images, simplifying subsequent steps in the clearing process.
- Pilot Launch: PECS will initially roll out as a pilot project from October 15 to November 15, 2026, at selected Clearinghouse (NIFT) participating institutions.
- National Expansion: The system will gradually be expanded nationwide by April 30, 2027.
- Implementing Steps: All NIFT member financial institutions (FIs) are directed to prepare for the launch, ensuring staff training, compliance with laws, and raising public awareness about PECS.
Implementation Plan:
- Phase 1 (Pilot): October 15 - November 15, 2026: Testing at selected institutions, followed by a review of outcomes.
- Phase 2: November 16 - December 31, 2026: Extension to remaining NIFT members, with an additional PECS clearing cycle daily (by 3:00 pm).
- Complete Rollout: Targeted completion by end of April 2027, ensuring all NIFT members achieve nationwide implementation by April 30, 2027.
FIs are required to nominate a focal person dedicated to PECS to ensure successful implementation.