Observer Report
Karachi
Bank Alfalah & National Institutional Facilitation Technologies (NIFT) announced their strategic collaboration on NIFT’s digital financial services platform “NIFT ePay”, which is an industry first, enabling bank accounts for e-commerce across the banking industry.
NIFT’s partnership with Bank Alfalah is unique and multidimensional; the Bank has supported in the realization of this new ecosys-tem by not only being the settlement bank for NIFT ePay, but also allowing access through its payment gateway – Mastercard’s MPGS – to NIFT ePay mer-chants for facilitating card transactions.
Bank Alfa-lah takes a lead through this partnership in expand-ing payment options not only for its own account holders who are now enabled for ecommerce but also for industry wide account holders by connect-ing its ecommerce merchant base to NIFT ePay. NIFT, a trusted name in cheque clearing, is looking to bring innovation to the payments space by intro-ducing new transaction opportunities for banking customers by taking advantage of its market pres-ence and technological capability.
