NIFT

NIFT – National Institutional Facilitation Technologies (Pvt) Limited was incorporated in

September 1995, as a joint venture between consortium of six major Pakistani banks and
Entrepreneurs from the private sector.

What is NIFT?
NIFT is the only automated cheque clearing house and the prominent payment system operator
in Pakistan for cheque clearing and digital payment gateway. It is playing a vital and proactive
role in modernizing the payment system while supporting large value inter-bank and retail
transactions.
NIFT is responsible for the efficient and safe operation of Electronic/Automated Cheque
Clearing System and to offer E-Commerce and Payment Gateway services which bring
efficiency and convenience in the digital operations of our customers. In addition, provision of
Public Key Infrastructure for issuance of digital certificates to promote secure financial
transactions is also the key responsibility.

Working of NIFT
NIFT serves as a bridge between two banks. For instance, suppose you are given a cheque of
MCB and your bank account is in UBL. You will deposit MCB cheque in UBL. UBL will store
the cheque and provide you a receipt and after 24 hours, it will transfer money to your account.
UBL won’t go to MCB to cash the cheque. In this instance, NIFT will serve as a link between
the two banks. The NIFT agent will pick up the cheque from UBL and deliver it to the NIFT
office. After the necessary formalities and confirmation, a representative of NIFT will deliver the
cheque to MCB the following day for clearance. When the MCB clears the cheque payment, it
notifies NIFT, which then sends the clearance report to UBL. After getting the clearance report,
UBL will transfer funds into your account.

Objectives of NIFT
 NIFT enables a Digital ecosystem in the country and provide efficient, reliable, secure &
convenient e-commerce platform, digital products and cheque clearing services to banks,
e-commerce merchants and customers.
 It ensures efficient and timely settlement of cheque clearing and digital payment
transactions.
 Its also focuses on customers and partners as an active component in growth process with
confidence and conviction.
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