National Institutional Facilitation Technologies (NIFT) to work closely with SBP
The State Bank of Pakistan (SBP) has
designated National Institutional
Facilitation Technologies (Private) Limited (NIFT) as a Designated
Payment System Operator under Section 4(1) of the Payment Systems and
Electronic Fund Transfer Act, 2007.
The
designation has been issued in accordance with the Payment System
Designation Framework, 2017, marking a significant development in NIFT’s
institutional evolution and reinforcing its role in Pakistan’s payment and
financial-market infrastructure.
Following
the designation, NIFT will continue working closely with the SBP, banks and
other financial-sector stakeholders to strengthen the country’s payments
ecosystem and support its ongoing digital transformation.
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The company
said its focus would include modernising cheque-clearing processes,
accelerating digitalisation and promoting innovative digital solutions and
platforms.
These
efforts are aligned with the SBP’s broader objective of developing a payment
system that is secure, efficient, resilient and financially inclusive.
Expanding Digital Payment Infrastructure
NIFT
currently operates Pakistan’s nationwide interbank cheque-clearing
infrastructure through its centralised Image-Based Clearing System,
supported by a network of 27 processing centres across the country.
Building
on its experience and extensive connectivity with the banking sector, NIFT is
also developing a range of technology-enabled solutions aimed at modernising
traditional payment processes.
These initiatives
include solutions for cheque truncation, digital cheque services, centralised
intelligence and validation analytics, as well as secure digital payment
platforms.
The shift
towards digital and technology-driven payment systems is expected to reduce
reliance on traditional paper-based processes while improving the speed,
security and efficiency of financial transactions.
Strengthening NIFT’s Institutional Role
The SBP’s
designation represents another stage in NIFT’s transition from a licensed
Payment System Operator to a designated operator with a more prominent role
within Pakistan’s financial infrastructure.
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As the
country’s payment ecosystem continues to evolve, operators such as NIFT are
expected to play an increasingly important role in supporting interoperability,
digital innovation and the resilience of financial-market infrastructure.
NIFT’s
continued collaboration with the central bank, commercial banks and other
stakeholders will be critical to ensuring that new payment technologies are
implemented effectively and that Pakistan’s financial system can accommodate
the growing demand for secure and efficient digital transactions.
The
designation also underscores the importance of modern payment infrastructure as
Pakistan accelerates its broader shift towards a digitally enabled and
financially inclusive economy.
Source:
Business Recorder