KARACHI: Bank Alfalah & National Institutional Facilitation Technologies (NIFT) announced their strategic collaboration on NIFT's digital financial services platform "NIFT ePay", which is an industry first, enabling bank accounts for e-commerce across the banking industry. NIFT's partnership with Bank Alfalah is unique and multidimensional; the Bank has supported in the realization of this new ecosystem by not only being the settlement bank for NIFT ePay, but also allowing access through its payment gateway - Mastercard's MPGS - to NIFT ePay merchants for facilitating card transactions.
Bank Alfalah takes a lead through this partnership in expanding payment options not only for its own account holders who are now enabled for ecommerce but also for industry wide account holders by connecting its ecommerce merchant base to NIFT ePay. NIFT, a trusted name in cheque clearing, is looking to bring innovation to the payments space by introducing new transaction opportunities for banking customers by taking advantage of its market presence and technological capability. NIFT ePay is an important step in this direction.
Atif Bajwa, President and CEO for Bank Alfalah welcomed the initiative and commented, "Bank Alfalah and NIFT's partnership in promoting e-commerce while enabling bank account holders across the banking industry is a unique and innovative initiative which will help grow the payments market significantly. Bank Alfalah is also delighted to be offering its payments infrastructure capability to NIFT on the acquiring & settlement fronts, which forms the backbone of this new ecosystem.-PR
Copyright Business Recorder, 2020
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