KARACHI: The State Bank of Pakistan has designated National Institutional Facilitation Technologies (Private) Limited, or NIFT, as a Designated Payment System Operator under the Payment Systems and Electronic Fund Transfer Act, 2007.
The designation gives NIFT a formal role within Pakistan’s payment system framework and will allow the company to work more closely with the central bank, commercial banks and other financial-sector stakeholders.
Moreover, the move is expected to support efforts to strengthen payment infrastructure and expand electronic payment services across the country.
NIFT Operates Nationwide Interbank Cheque Clearing Network
NIFT was incorporated in September 1995 as a joint venture between a consortium of six major Pakistani banks and private-sector entrepreneurs.
Subsequently, the SBP licensed and nominated the company as a Payment System Operator and Payment Service Provider under rules issued pursuant to the 2007 legislation.
NIFT currently operates Pakistan’s nationwide interbank cheque-clearing infrastructure through its centralised Image Based Clearing System.
Furthermore, the company maintains 27 processing centres across Pakistan to facilitate the clearing and processing of financial transactions between participating institutions.
Company Expands Role in Digital Payment Services
Alongside traditional cheque clearing, NIFT has developed technology-based services covering cheque truncation, digital cheque processing, centralised intelligence and validation analytics.
The company also provides secure digital payment solutions as Pakistan’s financial sector increasingly shifts towards electronic transactions.
Additionally, NIFT holds a licence to operate an e-commerce gateway, expanding its presence within the country’s broader digital payments ecosystem.
Consequently, its latest designation strengthens its institutional position within Pakistan’s regulated payments framework.
The development comes as the State Bank continues efforts to modernise the country’s financial infrastructure, promote digital transactions and strengthen cooperation among payment operators, banks and other financial institutions.
NIFT’s expanded regulatory status is expected to support those objectives while reinforcing its role in Pakistan’s evolving electronic payments landscape.
