Karachi: An agreement was signed amongst Haball, 1LINK (Pvt) Limited (1LINK) and Meezan Bank Limited (Meezan Bank) to introduce a fast, secure and simple payment solution to accelerate digital payments in the Pakistani B2B space. The signing ceremony was held at 1LINK head office, Karachi.
This arrangement will ease B2B payment by enabling businesses of all sizes to make inter-entity digital payments, that fulfill their existing bookkeeping, reconciliation and reporting processes using Haball’s Context Driven Payment solution. This solution introduces new standards, providing a one-window B2B payment aggregation solution for consolidated information across all omni-channel end-points. While Haball’s role will be of an aggregator, Meezan Bank will perform the settlement function. 1LINK’s largest and state of the art infrastructure will ensure seamless processing of the transactions.
“Businesses can now benefit from our context driven payment solution, automating the most fundamental business processes” said Mr. Omer Bin Ahsan, CEO – Haball. “Haball provides businesses a convenient way to pay digitally and instantly, bringing efficiencies in existing business processes by streamlining existing workflows and improving productivity”.
Mr. Najeeb Agrawalla, CEO 1LINK commented “1LINK is at the forefront in bringing innovation in digital payments sphere, resulting in convenience and secure payment methods. Haball’s solution for B2B payments will create the ease of doing business in Pakistan and also positively add towards its economy”.
Mr. Ariful Islam, Deputy CEO, Meezan Bank said “Meezan Bank has a clear and focused Digital strategy and this collaboration is one of the various Fintech alliances that we have been working on. We are very excited to be the first bank to partner with Haball and 1LINK, bringing digital payment automation solutions in the B2B landscape in Pakistan. We admire Haball’s dedication to revolutionize commercial payments, and through this partnership we plan to address the challenges in the Pakistani B2B payment space effectively”.
About 1LINK (Pvt) Limited
1LINK (Pvt) Limited, owned by a consortium of 11 banks, is the country’s 1st PSO/PSP and largest switch and payment system, providing a host of valuable online banking services like ATM switching, Bills Payment, Inter Bank Funds Transfer, Fraud Risk Management, Switch Dispute Resolution, Global Payment Schemes, PayPak – Domestic Payment Scheme, etc. 1LINK is continuously evolving and adding new products and services to benefit the financial industry.
About Meezan Bank Limited
Meezan Bank is the 7th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 600 branches supported by a countrywide network of 600 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.
Haball, 1LINK And Meezan Bank Sign an Agreement to Accelerate Digitization of B2B Payments in Pakistan
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