Fund Transfer (FT – sending money to other accounts of the same bank) and Inter Bank Funds Transfer (IBFT – sending money to other accounts of 17 partner member banks of 1LINK) is a revolutionary product and a major milestone achieved for the UPayments portfolio.

For the first time in Pakistan’s history a Telco has offered FT/IBFT services in collaboration with a commercial bank on menu based USSD secured session oriented channel giving liberty to the subscribers to carry out transactions using their existing handsets.

This service enables UPayments active subscribers to transfer funds from their Ufone handsets using their own HBL account to millions of other HBL accounts or any other member bank accounts listed with 1LINK network across the country.

This service can be availed without the internet as users only need to dial *808# from any Ufone handset to access UPayments.

The service not only eliminates the hassle of writing cheques, making demand drafts, reduces the cost of transaction but also eliminates ATM no cash/downtime issues and most importantly the ATM theft cases can be avoided once and for all. Furthermore UPayments FT/IBFT service is available anywhere anytime round-the-clock even on Ufone International Roaming network throughout the world which has over 290 roaming partners.

At present following 17 Banks are listed on 1LINK consortium for FT/IBFT including ABL, Askari Bank, Bank Al-Falah, Bank Al-Habib, Bank Islami, Bank of Punjab, Dawood Islamic Bank, Faysal Bank Ltd., HBL, JS Bank, KASB, NIB Bank, Soneri Bank, Standard Chartered Bank, Summit Bank Ltd., Tameer Microfinance Bank and UBL.

Copyright Business Recorder, 2011