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 basically works as a bridge between 2 banks. For instance, if you have a cheque of MCB
and you have to deposit it in UBL. So the UBL will keep the cheque and give you a receipt but
will transfer money in your account after 24 hours. UBL will not go to MCB for the cheque
payment. Here NIFT will act as a bridge between both the banks. The representative of NIFT
will collect the cheque from UBL and submit in NIFT office. After the formalities and
confirmation, on the next day representative of NIFT will bring the cheque to MCB for
clearance. When the MCB will pass the cheque it will tell NIFT and then NIFT will submit the
clearance report to UBL. After the report UBL will transfer the 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.

NIFT services offerings

 NIFT eClearing – Automated and Electronic Cheque Clearing
 NIFT ePay – Digital Payment Gateway (to Merchants and Banks)
 NIFT eTrust – Digital Identity Management (PKI Certificates Issuing Authority)
 NIFT eCheque – Digital Cheque Issuance, Processing and Settlement
 Reconciliation and Settlement Services