Allied Bank partners with Paysys Labs to pilot ILP

KARACHI: Allied Bank, one of Pakistan’s leading commercial institutions, has partnered with Paysys Labs, a pioneer in next-generation payment technologies, to pilot the Interledger Protocol (ILP) for cross-border transactions.

As part of this strategic collaboration, Paysys Labs has also secured the prestigious Digital Financial Services Grant from the Interledger Foundation (ILF). Embracing ILF’s vision to “send a payment as easily as an email.” Paysys Labs, in partnership with Allied Bank, will develop a Proof of Concept (PoC) to implement a node on the ILP Test Network. This initiative will enable Allied Bank’s customer accounts to function as wallets on the global ILP network, allowing seamless cross-border payments from other registered and regulated financial institutions.

The pilot underscores both institutions’ commitment to harness and test the emerging technologies in a secure, compliant, and innovation-driven environment, paving the way for the next generation of digital financial services.—PR