PSW Partners With FTSL for Price Verification of Trade Goods at Pakistani Banks
Pakistan Single Window (PSW) has entered into a collaboration agreement with Fintech Transformation Services (Private) Limited (FTSL) to introduce a new digital solution for commercial banks in Pakistan to verify the prices of imported and exported goods.
This solution is designed to enhance the capability of commercial banks to comply with the State Bank of Pakistan’s (SBP) Framework for Managing Risks of Trade-Based Money Laundering (TBML) and Terrorist Financing (TF). By leveraging advanced data analytics built on international and national trade data, the solution aims to improve the price assessment mechanism for financial transactions related to international trade.
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The SBP’s Framework emphasizes the responsibility of Authorized Dealers (ADs) to adopt robust, technology-driven solutions to mitigate Money Laundering and Terrorist Financing risks. A critical aspect of this framework is the verification of goods’ pricing to ensure the integrity of trade practices and enhance the reliability of the international supply chain. Traditionally, commercial banks handling international trade finance have relied on international databases, local market data, and online search engines to verify goods’ prices.
PSW, leveraging its position as the largest data repository of cross-border trade data in Pakistan, has been exploring digital solutions to support banks in performing this important function more reliably. In this context, PSW has partnered with FTSL to enhance its existing solution, Trade Compliance Navigator (TCN), by introducing “TCN – Pakistan Trade Data Analytics.” This automated solution uses international data sources and advanced data analytics to enable financial institutions to efficiently execute price verification.
The collaboration with PSW significantly enhances the solution’s efficacy and analytical capabilities by integrating national trade data, providing financial institutions with a powerful automated tool enriched with reliable data. TCN is expected to substantially increase the transparency of trade transactions, thereby reducing the risks associated with trade-based money laundering and contributing to a more secure financial environment.
Speaking on the occasion, Syed Aftab Haider, CEO of PSW, stated, “This collaboration with FTSL marks a significant milestone in our ongoing efforts to modernize Pakistan’s trade infrastructure. By equipping financial institutions with the necessary tools to combat trade-based money laundering, we are not only supporting them in improving compliance with national and international financial frameworks but also fostering a more transparent trading environment that will enhance trust in our supply chain integrity. Our commitment to leveraging technology to improve Pakistan’s trade competitiveness remains unwavering.”
The partnership with FTSL reinforces PSW’s commitment to improving efficiency, transparency, and security across trade processes. By actively promoting the adoption of digital technologies and engaging with innovative, technology-driven private sector companies like FTSL, PSW aims to deliver essential value-added services that utilize data for more informed decision-making by all public and private sector entities from Pakistan participating in the global supply chain. This partnership is the first of many that PSW is exploring with the private sector to help create new products and services in the cross-border trade sector.
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Nasir Qureshi, CEO of FTSL, stated, “We are honored to partner with PSW and leverage its position as the single largest data repository of cross-border trade in the country. This partnership with PSW has enabled us to enhance our existing solution Trade Compliance Navigator (TCN) and to introduce ‘TCN – Pakistan Trade Data Analytics.’ This collaboration is a groundbreaking initiative that aligns with international best practices, emphasizing the importance of collaborative efforts between public and private sectors to foster transparency and combat financial crime. Achieving this was no small feat, and our dedicated team of industry-leading experts has designed an innovative system that meets the SBP’s exacting compliance standards.”
