SBP Designates NIFT As Payment System Operator Under New Regulatory Framework 

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. 

Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.

Hot this week

Faysal Bank Launches Shariah Compliant Digital Supply Chain Financing With DWP Group And Fauree Partnership

Faysal Bank partners with DWP Group and Fauree to launch Shariah-compliant digital supply chain financing for DWP distributors.

Meezan Bank And Lucky Cement Enable Host To Host Integration For Smarter Dealer Collections And Reconciliation

Meezan Bank and Lucky Cement partner to introduce Host-to-Host Integration and Virtual Account collections for Lucky Cement dealer network.

FAST NUCES Completes FinTech Module Exploring Future Of Banking Payments And Digital Financial Services

FAST-NUCES Islamabad completes Supplementary Module 5 of its Certified FinTech Practitioners Program, focusing on investments, banking, payments and digital finance.

Easypaisa Digital Bank Completes Inaugural Women Leadership Programme With LUMS Executive Development Centre

easypaisa Digital Bank has completed the first all-women cohort of its Forward leadership development programme in partnership with REDC-LUMS.

SBP Revises SME Definitions With Higher Turnover Limits Amid Regulatory Differences Across Pakistan

SBP has raised SME turnover thresholds by up to 2.7 times, while Karandaaz highlights differences in definitions across regulators.

Topics

Faysal Bank Launches Shariah Compliant Digital Supply Chain Financing With DWP Group And Fauree Partnership

Faysal Bank partners with DWP Group and Fauree to launch Shariah-compliant digital supply chain financing for DWP distributors.

Meezan Bank And Lucky Cement Enable Host To Host Integration For Smarter Dealer Collections And Reconciliation

Meezan Bank and Lucky Cement partner to introduce Host-to-Host Integration and Virtual Account collections for Lucky Cement dealer network.

FAST NUCES Completes FinTech Module Exploring Future Of Banking Payments And Digital Financial Services

FAST-NUCES Islamabad completes Supplementary Module 5 of its Certified FinTech Practitioners Program, focusing on investments, banking, payments and digital finance.

Easypaisa Digital Bank Completes Inaugural Women Leadership Programme With LUMS Executive Development Centre

easypaisa Digital Bank has completed the first all-women cohort of its Forward leadership development programme in partnership with REDC-LUMS.

SBP Revises SME Definitions With Higher Turnover Limits Amid Regulatory Differences Across Pakistan

SBP has raised SME turnover thresholds by up to 2.7 times, while Karandaaz highlights differences in definitions across regulators.

Naya Nazimabad Apartment REIT Fully Subscribed Within First Hour Of Book Building Process

Naya Nazimabad Apartment REIT is fully subscribed within the first hour, attracting strong investor interest during its book-building process

Cordoba Financial Services Appoints Joint Advisors For Proposed IPO And Listing On Pakistan Stock Exchange

Cordoba Financial Services appoints Topline Securities, LSE Capital and Growth Securities as joint advisors for its proposed IPO and PSX listing.

PACRA Signs MoU With Lianhe Global To Explore Sustainable Finance Ratings And Panda Bond Opportunities

PACRA signs an MoU with China Lianhe Global to explore sustainable finance ratings, green instruments, research, and Panda Bond services.
spot_img

Related Articles

Popular Categories