SBP Designates NIFT As Payment System Operator

As a Designated Payment System Operator under the Payment Systems and Electronic Fund Transfer Act, 2007, SBP has designated National Institutional Facilitation Technologies (Private) Limited, or NIFT.

Key points

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• NIFT was incorporated in September 1995 as a joint venture between a consortium of six major Pakistani banks and private sector entrepreneurs.
• NIFT operates Pakistan's nationwide interbank cheque clearing infrastructure through its centralized Image Based Clearing System.
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• NIFT additionally holds a license to operate an ecommerce gateway, adding to its role in Pakistan's broader digital payments infrastructure.

Notably, the new designation will allow NIFT to work more closely with the central bank, commercial banks and other financial sector stakeholders to strengthen Pakistan's payment infrastructure and backing the development of electronic payment services.

NIFT was incorporated in September 1995 as a joint venture between a consortium of six major Pakistani banks and private sector entrepreneurs. The firm was afterwards licensed and nominated by the SBP as a Payment System Operator and Payment Service Provider under the central bank's rules issued under the Payment Systems and Electronic Fund Transfer Act, 2007. Fauji Foundation Acquires Majority Stake In Askari General Insurance.

NIFT operates Pakistan's nationwide interbank cheque clearing infrastructure through its centralized Image Based Clearing System. The firm runs a network of 27 processing centers nationwide to facilitate the clearing and processing of financial transactions.

As well as secure digital payment solutions, the firm has additionally been developing technology based services covering cheque truncation, digital cheque processing, centralized intelligence and validation analytics.

NIFT additionally holds a license to operate an ecommerce gateway, adding to its role in Pakistan's broader digital payments infrastructure. The new designation gives the firm a formal role as a designated operator within the country's payment system framework. Stay Connected with ProPakistani.

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Taken together, the developments around SBP Designates NIFT As Payment System Operator point to a situation that is still moving, and the coming days should bring more clarity.