RECORDER REPORT

KARACHI: The State Bank of Pakistan (SBP) has notified National Institutional Facilitation Technologies (Private) Limited (NIFT) as a Designated Payment System Operator under Section 4(1) of the Payment Systems and Electronic Fund Transfer Act, 2007.

The designation, issued by SBP, is in accordance with the Payment System Designation Framework, 2017, marks an important milestone in NIFT’s institutional journey and reinforces its critical role in Pakistan’s payment and financial-market infrastructure.

NIFT will continue to collaborate closely with the SBP, banks, and other financial-sector stakeholders to further strengthen Pakistan’s payment ecosystem.

Through this collaboration, NIFT aims to support the ongoing transformation of cheque clearing, accelerate digitalisation, and promote the adoption of innovative digital solutions and platforms, while contributing to SBP’s vision of building a secure, efficient, resilient, and financially inclusive economy.

NIFT operates Pakistan’s nationwide interbank cheque-clearing infrastructure through its centralised Image-Based Clearing System and a countrywide network of 27 processing centers.

Building upon its extensive institutional experience and banking-sector connectivity, NIFT is also developing technology-enabled solutions for cheque truncation, digital cheque services, centralised intelligence and validation analytics, and secure digital payments.

The designation reflects NIFT’s continued transformation from a licensed Payment System Operator into a systemically important and designated operator within Pakistan’s evolving financial ecosystem.