NIFT signs agreement with ABL for digital financial services

National Institutional Facilitation Technologies (NIFT) and Allied Bank signed a strategic agreement to enable digital payments (Mobile / e-Commerce) through NIFT's Digital Financial Services platform under the brand name "NIFT ePay."

In an effort to promote Digital Payments in Pakistan, NIFT, an existing Payment System Operator/Provider (PSO/PSP) offering nation-wide cheque clearing services, is gearing up to soon launch its e-commerce payment gateway. NIFT ePay's primary focus is to execute interoperable and secure digital commerce payments using any bank account and wallet details in Pakistan. This provides an opportunity to the customers to conduct e-commerce transactions directly through their accounts (CASA) or Wallets.

Allied Bank is one of the largest banks in Pakistan having a network of 1350+ branches and a customer base of around 3.5 million. Operating in the Corporate, Retail and Consumer Banking services, Allied Bank has been focused to provide digital channels to its retail and business customers for making secure and convenient digital payments.

The agreement was signed by Haider Wahab, CEO - NIFT and Sohail Aziz, Chief Digital Banking - Allied Bank, in presence of team members from both organizations. The event was also honored by the presence of Tahir Hassan Qureshi, CEO - Allied Bank.

Speaking on the occasion, Haider Wahab, CEO - NIFT, said, "Pakistan digital payment space is transforming quickly and the endeavors from the regulator to support the growth of digital payments are showing solid results. We are pleased to sign up Allied Bank for NIFT ePay services, enabling Allied Bank account holders to make payments on NIFT ePay platform through their bank accounts and also allowing Allied Bank to offer online collections to its corporate and business relationships. Allied Bank maintains its niche in the financial services space and has a great potential in digitizing payments and collections in partnership with NIFT."

Sohail Aziz, Chief Digital Banking - Allied Bank, said, "ABL is continuously re-aligning towards digital transformation by adopting robust technology platforms and expanding its outreach to provide innovative customer centric products and services for all customer segments. Partnership with NIFT ePay service is another milestone to expand digital payments landscape in Pakistan."-PR