Karachi: Last week, TPS and the National Institutional Facilitation Technologies (NIFT) entered into a strategic partnership to build, what they call an interconnected and inclusive digital financial services platform in Pakistan.
The objective is to bring ease and efficiency in the payments ecosystem through the offering of new age digital financial services. Haider Wahab, CEO, NIFT and Shahzad Shahid, CEO, TPS, signed the agreement, under the presence of teams from both sides.
Speaking on the occasion, Haider said,
“NIFT with its extensive experience in Financial Services is excited to lead in the new digital financial services space. The Digital Financial Services Platform envisioned by us will facilitate all key stakeholders of the industry including Banks, Telcos, Corporates and Fintechs to be a part of an inclusive, interconnected and shared digital services infrastructure.”
Building a digital financial platform on a nationwide scale is one of the key requirements in the current financial services space. The initiative signed today is pivotal to achieve vision of promoting financial inclusion and driving economic growth in the country.
The collaboration between NIFT, a payment service provider, and TPS, a leading payments technology company, will see both companies work together to foster Fintech ecosystem in the country for accelerating innovation in the financial services space. This will create an inclusive environment which will not only offer a secure and open access to start-ups but also revolutionize the digital financial services play in the country.
“TPS over the past 20 years has worked on developing an integrated payment ecosystem in Pakistan where real-time account transfers is now a norm. With an interbank switch functional in Pakistan, TPS is excited to partner with NIFT to develop a payments platform that promises uptake of mass scale digital payments.”
NIFT was incorporated in September 1995, as a joint venture between six Pakistani banks and the private sector. NIFT has been authorized to operate under the SBP rules for PSO-PSP. NIFT is Pakistan’s only cheque clearing house and is the first Digital Certificate Authority in Pakistan regulated under ETO 2002 and ECAC 2008. NIFT also provides financial data aggregation services. As of December 2017, NIFT is serving over 11,000 branches of 36 commercial banks and 7 microfinance banks through 27 Processing Centres covering 263 cities nationwide.
TPS is a leading provider of payment solutions which is trusted by over 130 commercial and central banks, telecoms, payment processors and financial institutions across Asia, Africa and Europe. With Pakistan as its base since 1996, TPS has played a pivotal role in building 1LINK, which is now the country’s largest interbank switch.
TPS has the largest market share in Pakistan, with its technologies and services empowering banks to issue cards and provide digital services. With continuous investment in technology and human capital, TPS has been constantly developing and improving its solutions while maintaining a customer centric approach.
Source: TPS Press Release