The State Bank of Pakistan (SBP) has formally designated National Institutional Facilitation Technologies (NIFT) as a Designated Payment System Operator under Section 4(1) of the Payment Systems and Electronic Fund Transfer Act, 2007. The designation has been issued under the Payment System Designation Framework, 2017, formally recognising NIFT’s role in Pakistan’s payment and financial-market infrastructure.
NIFT operates Pakistan’s nationwide interbank cheque-clearing infrastructure through its centralised Image-Based Clearing System and a network of 27 processing centres. Its infrastructure supports the processing and clearing of financial transactions across the country and has played a significant role in Pakistan’s payment ecosystem.
Following the designation, NIFT will continue working with the SBP, banks and other financial-sector stakeholders to support the development of Pakistan’s payment infrastructure. The company aims to contribute to the digitalisation of cheque clearing while promoting the adoption of digital payment solutions and platforms.
The regulatory recognition comes as Pakistan continues to develop its electronic payment infrastructure and introduce frameworks for payment system operators and providers. The designation further formalises NIFT’s institutional position within the country’s payment ecosystem and supports broader efforts to develop secure and efficient digital financial services.
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