ALLIED EXPRESS Remittance Distribution Service - Pakistan Home Remittance Division
ALLIED EXPRESS Service – in a nutshell… SERVICE DEFINITION A proven, speedy and efficient service for the distribution of inbound Home Remittances to Beneficiaries across Pakistan EXPERIENCE / EXPERTISE § Allied Express Service operating since 2005. § 75+ Correspondents Globally. INFRASTRUCTURE / NETWORK § 1000+ Online Branches, covering hundreds of cities, towns and villages, reaching millions of Pakistanis, instantly and a country wide net work of over 8000 ATM’s of all banks in Pakistan. § An efficient and state of the art Remittance Management System ensuring timely and smooth processing and disbursement of Remittances. § A team of dedicated operations and customer service staff, backed by an experienced technology and business team. 2
ALLIED EXPRESS Service – in a nutshell… SERVICE OFFERING / FEATURES § Within the hour turn around time from receipt of instructions to availability of funds at ABL counters / credit to ABL account holders. § Multiple payout options including: § Cash Over Counter payment at any ABL Branch. § Direct Credit to Accounts with ABL. § Credit to Accounts of Other Banks (via RTGS/AEC). § Multiple Instruction Receipt options including: § Secure Emails [multiple files can be received up to 4: 00 pm]. § FTP Transfers [files are collected from FTP site every 15 minutes]. § ERI (E-Remittance International application with the innovative feature of real time amendment & cancellation). 3
ALLIED EXPRESS Service – Why ABL? § One of the Top 5 Banks in Pakistan. § Dedicated team for processing of Inbound Home Remittances since 2005. § First bank to launch Cash over Counter service in Pakistan. § Within the Hour processing time between receipt of instructions and availability of Remittances across the network. § Instantly available at all 1000+ locations upon completion of processing. § Instruction files can be received every 15 minutes between midnight and 4 pm. § Separate, dedicated team of operations staff managing this function, focused on fast and timely delivery of service to all stakeholders including our Correspondent Partners, Remitters and Beneficiaries. 4
Transaction Flow Diagram Remitter’s Location – Agents’ Counters Correspondent’s Head Office SWIFT / Correspondent Banking Network Correspondent’s AML / KYC Controls ABL Home Remittance Operations ABL Branch Network Counters 5
How to Sign Up for Allied Express Service The procedure for signing up for Allied Express Service is extremely simple: § Review a standardized Correspondent Relationship Agreement whose general content is pre-approved by State Bank of Pakistan § Discuss and make necessary amendments & Finalize Pricing / Rebate Share Ratios and include in Agreement § Provide 2 signed and stamped copies of the finalized agreement along with following documents. o Regulator/central bank license o Incorporation certificate o Updated AML/CFT Compliance Policy o Articles of Incorporation o Company profile, with bank details. o Request on letter head for initiation of remittance business with ABL § Upon submission of agreement and all necessary documentation, ABL will submit the entire set to SBP for approval. § While the approval is in process, you are required to prepare / format the Electronic Instructions File to be sent to ABL, as per provided instructions. § Provide “dummy” Electronic Instruction File for testing and obtain clearance from ABL’s Home Remittance Operations team. § Upon receipt of Approval from SBP, ABL will Open necessary PKR / FCY accounts § Establish Correspondent Account in Remittance Management System § Communicate the unique Correspondent ID and Account Numbers 6
How to Sign Up for Allied Express Service Following documents are required to open PKR & FCY accounts 1. Account Opening Form & SS Card duly completed in all respects and signed along with company’s rubber stamp 2. Customer Profile of the entity signed along with company’s rubber stamp 3. Customer Profile of all individuals i. e. Directors and Authorized Signatories NOTE: Normal CP of all authorized signatories and signatory directors will be obtained. However, in case of nominee and non-signatory directors, Mini CP (as required vide circular number P/INST 2013/221 dated July 16, 2013) will be obtained. . 4. Customer Due Diligence (CDD) / Know your Customer (KYC) Form of entity 5. Customer Due Diligence (CDD) / Know your Customer (KYC) Forms of authorized signatories and signatory directors. However, duly verified copies of valid Passports of all individual directors including nominee and non-signatory directors should be held on record. 6. Enhanced Due Diligence (EDD) Form of the entity 7. Enhanced Due Diligence (EDD) Form of authorized signatories/ signatory directors. 8. List of Directors duly signed by the Company Secretary / Chairman / CEO 9. List of persons (dully signed by Company Secretary) holding 10% or above in entity along with their identity documents. 10. Board Resolution or a Power of Attorney for opening and operation of bank account to the satisfaction of bank. 7
How to Sign Up for Allied Express Service 11. Copy of the Charter/Statute /Memorandum & Articles of Association of the Company or other documents constituting or defining the constitution of the company, duly certified by Notary Public of Country of Origin. 12. Certificate of Incorporation 13. Certificate of Commencement of Business OR Certificate from the Company Secretary (duly authorized by the Board) that the entity started its business from certain date & that Certificate of Commencement of Business is not issued in that Country ( In case, at the home country of the entity, Certificate of Commencement of business is not issued/required by any Institution/Body 14. Photocopies of valid Passports of all individuals i. e. Directors and Authorized Signatories to open and operate the account attested Notary Public of country of origin 15. Copy of valid Regulator License, authorizing to operate as a money remitting service provider attested Notary Public of country of origin 8
Mechanism by which correspondent could fund their PKR account (1)Directly via NOSTRO account (2) Via Foreign Currency account with ABL Mode 1 - Directly via NOSTRO account o Correspondent will dispatch funding in its choice of foreign currency to any of ABL’s Correspondent Banks [list is attached] o Correspondent will advise dispatch of funding via MT 103 to ABL. o Correspondent’s treasury team will then execute a DEAL with ABL’s treasury team, during ABL’s banking hours [9 am to 5 pm, Islamabad time] o Upon finalization of the DEAL, treasury will provide Home Remittance Department with the PKR funds to be credited to Correspondents’ PKR FUNDING ACCOUNT In Mode 2 -Via Foreign Currency account with ABL o Correspondent will open a Foreign Currency Account in a currency of its choice at ABL. o Correspondent will dispatch foreign currency funds to its foreign currency account with ABL via the corresponding NOSTRO Bank of ABL [list is attached] o Correspondent will advise dispatch of funds and credit to its foreign currency account with ABL using an MT 103 o The FCY funds will then be credited to Correspondent‘s FCY account o As and when Correspondent requires replenishing its PKR FUNDING ACCOUNT, it will either deal with TREASURY team directly or ask the ABL BRANCH TEAM holding its FCY deposit to obtain a rate from Treasury, for the amount required to be converted into PKR and credited to PKR funding account o After DEAL is completed, ABL Treasury or relevant Branch shall advise Home Remittance Department of the funds to be credited to PKR FUNDING ACCOUNT. Both options, detailed above, are equally in use by our Correspondent Partners, depending on their fund management practices. 9
Contact Details Ms. Sana Baig & Mr. Khayyam Juma Allied Bank Limited Home Remittance Division (HRD) Corporate & Investment Banking Group (CIBG) 2 nd Floor, Bath Island Building, Bath Island, Main Clifton Road, Karachi, Pakistan Sana. baig@abl. com & Khayam. Juma@abl. com +92 213 5387 5640 +92 -111 -110 Ext. 2584 10 [Direct Line] [UAN Number]
ALLIED EXPRESS SERVICE… additional detailed information 11
ALLIED EXPRESS Service – Detailed Information Allied Bank Limited has been a frontrunner in the business of Remittance Distribution Service in Pakistan since before 2005. Through these years of unprecedented growth, Allied Bank’s Home Remittance Division has evolved into a group of dedicated individuals, committed to the provision of excellence to our customers. Using state-of-the-art systems and constantly upgraded procedures, we have honed the process of Remittance Distribution to very high levels of accuracy, efficiency and productivity. Offering less than an hour of turnaround times for transactions [from receipt to disbursement], we are currently handling 70 plus correspondents, represented across the globe. Our network of 1000+ Online Branches across Pakistan, represent unparalleled reach to each and every corner of Pakistan. Transactions processed at our central operations center in Karachi become available instantaneously across the entire network for collection by Beneficiaries. 12
ALLIED EXPRESS Service – Detailed Information ALLIED EXPRESS offers multiple modes of distribution of Remittances to beneficiaries in Pakistan. Through Cash Pickup, Beneficiaries in Pakistan collect their remittances at any ABL branch in the network, on the very same day it was received from abroad. Remittances can also be credited directly and immediately to any Account at ABL. Direct Credit to Account service ensures funds are received by beneficiaries within an hour of their receipt, from anywhere across the world. Remittances can also be sent to any Account in any Bank in Pakistan through our Allied Express Cheque service or RTGS. ABL’s business model for the Remittance Distribution Service is quite flexible depending on the needs and requirements of our Correspondent Partners. Agreements for this relationship may be established based on the SBP’s Rebate Regime offer or on a Per Transaction Fee basis. 13
Key Features of ALLIED EXPRESS Service CASH PICK-UP Cash Pick-up is a real-time, online, over the counter product, which allows beneficiaries to collect their inbound remittances from the nearest ABL Branch, all across Pakistan. This product facilitates those beneficiaries who do not maintain a bank account in Pakistan, or whose remittance instructions are for cash payment to the beneficiary. The beneficiary may access any of ABL’s 1000+ online branches. By simply presenting their original ID cards or passports as proof of identity and filling out a very simple form, Beneficiaries can collect their amounts within minutes. All Beneficiaries, whose mobile numbers are provided by the Remitter, are sent an SMS NOTICE advising them that their Remittance has arrived at ABL and they may collect the same from any ABL Branch. 14
Key Features of ALLIED EXPRESS Service CASH PICK-UP Product salient features are: § This is a FREE service; no charge applicable to Remitter or Beneficiary. § Instant payment at any of 1000+ ABL branches in Pakistan. § Beneficiary does not need to have a Bank Account, at any bank. § Instant SMS alert to beneficiary (subject to the availability of beneficiary’s mobile number). The message will inform the beneficiary of the receipt of their Remittance at ABL. No other sensitive information is provided via SMS. 15
Key Features of ALLIED EXPRESS Service ABL DIRECT CREDIT TO ACCOUNT Direct Credit to Account remittance service provides instant credit to beneficiaries in their Account maintained with Allied Bank Limited, at any of our 1000+ branches across Pakistan. These transactions will be processed in bulk for real-time credit to beneficiaries account. Product salient features are: § This is a FREE service; no charge applicable to Remitter or Beneficiary. § Facilitates ABL Account Holders only. § Fund transfers are processed Instantly of receipt from International Correspondents. § Instant advice of the transfer to the mobile phone of the beneficiary via a text message (SMS Alert). 16
Key Features of ALLIED EXPRESS Service ALLIED EXPRESS CHEQUE(AEC)/RTGS The AEC is a product which will facilitate those beneficiaries who are maintaining accounts with banks other than ABL. The Allied Express Cheque is payable at any branch of ABL. This enables the beneficiary bank to present it to the nearest branch of ABL, throughout the country, saving a large amount of document transmission time. Allied Express Cheques facilitate third party beneficiaries [non-ABL accountholders] for remittance payments through the issuance of Allied Express Cheques or by transferring funds through the Real Time Gross Settlement System (RTGS) on the very same day of receipt. RTGS is a central bank SBP developed system, allowing all participating banks to send funds and instructions intended for their banks, via electronic file exchange. RTGS has drastically reduced the turnaround time for third-bank payments. 17
Key Features of ALLIED EXPRESS Service ALLIED EXPRESS CHEQUE Product salient features are: § § Facilitates beneficiaries maintaining accounts with banks other than ABL. § RTGS file exchanges occur twice daily: 11: 00 am and 4: 00 pm or as communicated. § This is a FREE service; no charge is applicable to Remitter or Beneficiary. In case the beneficiary bank is not on RTGS, Allied Express Cheques will be couriered to beneficiary branch on the very same day of receipt of instruction. 18
File Processing Mechanism Correspondent HO Sends Remittance File (FTP or Email) ABL Remittance Processing Unit HRBU makes Remittances available at all 975+ branches ABL’s AML / KYC Controls ABL Accounts Credited ABL Branch Network Counters 19 Third Bank Credits
Producing the Electronic Text Files for ABL Whether through Email or FTP, Remittance payments transmission is executed in form of electronic wire file OR text file. A comprehensive document is provided, explaining each and every aspect of the development of the standardized Electronic File including: § The various data elements [fields] required. § The relationship between the Payment Modes discussed and the content to be included in each field. § The sequence and format of each field. § Indication of Mandatory Fields for each Payment Mode. § The setup of the File Header and its contents. § File naming preference. § Reference Number preferences. 20
![File Transfer Protocol [FTP] Mechanism In order to expedite the file processing for our](https://present5.com/presentation/a2883c66464814e7c7608c50bdfa572c/image-21.jpg "File Transfer Protocol [FTP] Mechanism In order to expedite the file processing for our")
File Transfer Protocol [FTP] Mechanism In order to expedite the file processing for our valued foreign partners, we are offering FTP (File transfer protocol) functionality to all our Correspondents. We are already providing this wire file processing facility to our top volume partners to instantly disbursement with excellent results- payment gets ready for cash collection within next 15 Minutes after executing from our partners. Under the FTP mechanism, ABL will automatically “pick up” data files from Correspondent identified secure data storage locations. The file “pickups” are done every 15 minutes. The files are then made available for final review and upload into our Remittance Management system. 21
![File Transfer Protocol [FTP] Mechanism Benefits of FTP over EMAIL as mode of Communication](https://present5.com/presentation/a2883c66464814e7c7608c50bdfa572c/image-22.jpg "File Transfer Protocol [FTP] Mechanism Benefits of FTP over EMAIL as mode of Communication")
File Transfer Protocol [FTP] Mechanism Benefits of FTP over EMAIL as mode of Communication § No human intervention required in raw file upload; safer and more secure § No access to anyone at either end of the file exchange mechanism § Automated upload by ABL every 15 minutes; no chance of delays or slippage § Files can be sent at Correspondent’s convenience between 12: 00 Mid-Night and 4: 00 pm Monday to Friday and between 12: 00 Mid-Night and 12: 00 noon on Saturdays FTP Setup Requirements § FTP Site Address § User ID (Required to access the FTP site) § Password § “IN” folder path (where correspondent will place remittance files) § “OUT” folder path (this will be used to send status report to the correspondent) Note: Please ensure to issue full rights of deletion / re-write on specific folders for Allied bank. 22
Individual Transaction Tracker § § § A web-based Remittance Transaction Tracker is available on the web (www. abl. com). The service allows our Correspondents, Remitters and Beneficiaries to remotely check the status of their Remittance Transaction, from anywhere in the world. To use the service, the Unique Reference Number provided by the International Correspondent is required. Upon entering the Reference Number, the system will provide the current status of the transaction i. e. processed, available for payout, paid, cancelled, etc. Only limited information is reflected on the system to avoid disclosure of sensitive information. 23
Allied Express account Key Features: • No minimum deposit requirement for opening of Allied Express Account • This account will only be fed through remittance received from abroad. No other credit is allowed in this account • No minimum deposit balance requirement • Free ATM Card issuance • Free Cheque Book (10 -Leaves) • Free Internet Banking facilities • Free 24/7 telephonic banking • Automatic instant credit of Foreign Inbound Remittances directly to this account • Further details can be obtained from our web site (www. abl. com) • ABL is pleased to offer Extended Hours Banking Services for its valued customers, with an aim of accommodating their busy schedules and making their modern-day banking tasks even simpler & easier. • 25 selected branches will remain open from 9: 00 am to 8: 00 pm from (Monday to Friday) and from 9: 00 am to 5: 00 pm on Saturdays across the country. (list available on the website) 24
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