Faysal Bank and NIFT collaborate to revolutionize paper-based cheques

KARACHI: Faysal Bank Ltd and National Institutional Facilitation Technologies (Pvt) Ltd (NIFT) have agreed on a digital collaboration roadmap starting with the digitization of cheque deposits, a significant step towards paperless banking. With a signing ceremony held both the entities will be joining hands to offer customers a secure, convenient, and digital alternative to the traditional paper-based cheques.

This planned initiative of digital cheque deposits, powered by NIFT, will empower Faysal Bank customers to digitize, paper cheques via Faysal Bank’s mobile-app providing customers with faster processing times, improved experience.

Commenting on the occasion, Amin-ur-Rahman, Chief Digital Officer Faysal Bank stated, “We are excited on this collaboration with NIFT, for the introduction of new and innovative digital solutions and by combining our banking expertise with NIFT’s technological capabilities, the aim is to challenge the status quo in the traditional banking space.

Javed Edhi, CEO of NIFT, also shared his excitement about the collaboration, stating, “We are delighted to collaborate with Faysal Bank to implement NIFT digital cheque deposit solution as a step to shift paper-based cheques submission for Clearing via Bank’s Mobile App. By partnering with Faysal Bank, we can facilitate the smooth implementation and a unified customer journey.”

Copyright Business Recorder, 2023