NiFT signs up business verification services from D&B for NiFT ePay

KARACHI: National Institutional Facilitation Technologies (NiFT), one of the largest payment processors in Pakistan, for strengthening the controls on its digital commerce payments under the brand name 'NiFT ePay', entered into an agreement with Dun & Bradstreet Pakistan (D&B), the world's leading source of business information and insights. Under the agreement, D&B will perform business verification of the merchants being on boarded on the 'NIFT ePay' platform.

'NiFT ePay' is a convenient& secure digital commerce payments platform which consumers can use via any bank account they have in Pakistan to conduct e-commerce transactions. The Platform will also allow transactions using other digital payment instruments available in Pakistan such as debit/credit cards and digital wallets to pay for their e-commerce purchases or against their business invoices through a growing network or merchants, businesses, participating banks and other financial institutions.

Dun & Bradstreet (D&B), with presence for over 178 years& operating in over 200 countries, is a global Information Services and Risk Management Company. D&B, which possesses over 355 million business records worldwide, provides robust data and compliance solutions to millions of businesses including over 90% of fortune 500 companies.

Speaking on the occasion, Haider Wahab, CEO-NIFT said, "I am very pleased for the initiative taken by the NIFT Digital Financial Services team which provides confidence to the customers using our digital payment gateway to securely pay online established and validated merchants. We are pleased to sign up with Dun & Bradstreet which brings experience of evaluating businesses both locally and internationally. We are confident that this would benefit the initiative."

Nauman Lakhani, County Head for Dun & Bradstreet in Pakistan, said, "We are excited to work with NIFT as their compliance& data partner for merchant on boarding on NIFT ePay Platform. Through this collaboration, merchants will be independently verified through D&B's on-field due diligence process that is trusted by a number of financial institutions worldwide. This initiative by NIFT will pave the way for increasing customer confidence in the digital payment services in Pakistan."-PR

Copyright Business Recorder, 2020