SBP has designated National Institutional Facilitation Technologies (Private) Limited, or NIFT, as a Designated Payment System Operator under the Payment Systems and Electronic Fund Transfer Act, 2007.
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 support 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 company was later 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.
NIFT operates Pakistan’s nationwide interbank cheque clearing infrastructure through its centralized Image Based Clearing System. The company runs a network of 27 processing centers across the country to facilitate the clearing and processing of financial transactions.
The company has also been developing technology based services covering cheque truncation, digital cheque processing, centralized intelligence and validation analytics, as well as secure digital payment solutions.
NIFT also holds a license to operate an ecommerce gateway, adding to its role in Pakistan’s broader digital payments infrastructure. The new designation gives the company a formal role as a designated operator within the country’s payment system framework.
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