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Payment Authorization Form for Pakistan

Payment Authorization Form Template for Pakistan

A standardized financial document used in Pakistan that authorizes a bank or financial institution to process specified payments from an account. The form complies with Pakistani banking regulations, including the State Bank of Pakistan Act and Payment Systems and Electronic Fund Transfers Act. It captures essential details such as account holder information, payment specifications, beneficiary details, and authorization terms. The document can be used for both one-time and recurring payments, incorporating necessary anti-money laundering declarations and foreign exchange requirements where applicable.

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What is a Payment Authorization Form?

The Payment Authorization Form is a crucial financial document used in Pakistani banking operations to facilitate secure and authorized payment transactions. It serves as a formal instruction to financial institutions for processing payments, whether one-time or recurring, and must comply with Pakistani banking regulations, including the State Bank of Pakistan Act and Anti-Money Laundering requirements. The form is commonly used in various scenarios such as setting up regular bill payments, authorizing salary transfers, establishing vendor payment arrangements, or initiating investment transfers. It includes comprehensive details about the account holder, payment specifications, beneficiary information, and necessary declarations, while incorporating required compliance elements for different transaction types and amounts.

What sections should be included in a Payment Authorization Form?

1. Form Title and Date: Clear identification of the document as a Payment Authorization Form with date of completion

2. Authorizer Information: Complete details of the person/entity authorizing the payment including name, address, contact information, and identification details as per KYC requirements

3. Bank/Financial Institution Details: Information about the financial institution where the account is held

4. Account Information: Account holder details, account number, and account type

5. Payment Details: Specification of payment amount, frequency (one-time/recurring), and payment method

6. Beneficiary Information: Complete details of the payment recipient including name, bank details, and account information

7. Authorization Declaration: Formal statement of authorization and terms of the payment instruction

8. Signature Block: Space for authorizer's signature, date, and witness signature if required

What sections are optional to include in a Payment Authorization Form?

1. Secondary Authorization: Additional authorization section for joint accounts or corporate accounts requiring multiple signatories

2. Payment Purpose Declaration: Declaration of the purpose of payment, required for certain types of transactions or amounts above regulatory thresholds

3. Foreign Exchange Declaration: Additional declarations required for foreign currency transactions

4. Cancellation Terms: Terms and process for canceling the payment authorization, particularly relevant for recurring payments

5. Corporate Resolution Reference: For corporate accounts, reference to the board resolution authorizing the payment and signatories

What schedules should be included in a Payment Authorization Form?

1. Schedule A - Payment Schedule: Detailed schedule of payment dates and amounts for recurring payments

2. Appendix 1 - Required Documentation: List of supporting documents attached (e.g., ID proof, corporate resolutions, tax declarations)

3. Appendix 2 - Terms and Conditions: Detailed terms and conditions governing the payment authorization

4. Appendix 3 - Bank Mandate Form: Additional bank-specific mandate form if required by the financial institution

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Pakistan

Publisher

Ƶ

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions

























Clauses


















Relevant Industries

Banking and Financial Services

Corporate Services

Retail

Healthcare

Education

Manufacturing

Information Technology

Real Estate

Telecommunications

Professional Services

Government and Public Sector

Non-Profit Organizations

Relevant Teams

Finance

Accounts Payable

Treasury

Compliance

Legal

Administration

Payroll

Banking Operations

Financial Operations

General Administration

Corporate Secretariat

Relevant Roles

Financial Controller

Accounts Payable Manager

Treasury Manager

Finance Director

Chief Financial Officer

Accounts Manager

Payroll Manager

Banking Relations Manager

Compliance Officer

Company Secretary

Finance Operations Manager

Business Owner

Administrative Officer

Financial Analyst

Payment Operations Specialist

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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