An implantable pacemaker is provided with a far-field sensing channel which requires a reduced refractory period during the time when pacing pulses are delivered as compared with sensing channels using intra-cardiac electrodes. The far-field sensing channel may use the conductive housing of the implantable device or can and an indifferent electrode mounted on the device header as the electrodes for its differential inputs. Such a far-field sensing channel is able to sense activity occurring in either the atria or the ventricles for the purposes of arrhythmia detection and/or capture verification.