The automation of clearing operation which commenced with
the establishment of the first centre at Karachi (in 1996)
has now been propagated to all major cities of Pakistan. We
have established data centers in Karachi, Lahore,
Islamabad, Peshawar, Rawalpindi, Hyderabad, Multan, Faisalabad,
Quetta, D.I.Khan, Sialkot, Gujranwala, Sukkur, Bahawalpur,
Muzaffarabad, Jhelum, Abottabad, Mirpur, Sahiwal, Sargodha, Rahim Yar Khan, Larkana, Jhang, Vehari, D.G. Khan and Nawabshah..
Almost entire country is now on NIFT ACH grid.
The introduction of the automated clearing involved creating
local standards for encoding cheques and other instruments,
assisting banks in preparing standard code line and training
bank branch staff.
NIFT has established image based clearing systems harnessing
high speed MICR Reader / Sorter equipment from NCR, UNISYS,
Panini Corporation and FUJI; the approach has paved way for
the next step towards cheque truncation and electronic clearing.
The software implementation has been configured with a large
component of code developed in-house to facilitate local requirements
and changing needs.
NIFT's clearing operation has proven to be a very successful
arrangement, the basic implementation has been tailored to
take care of the local needs and the functional support was
based on effective process reengineering. The main change
relates to creating a direct relationship with each branch
and dispensing with the role of the central branch at multi-branch-banks
in a manner that NIFT collects the outward clearing directly
from each and every branch and arranges processing, presentment
and processing of returns, providing the net position etc
to the central bank and necessary scrolls, reports and advices
for accounting entries to all banks and their branches. Another
major element pertains to merger of intra-bank clearing or
transfer delivery into inter-bank clearing thus relieving
large multi-branch banks of typical problems and providing
and providing an economically viable solution. NIFT also supplements
auxiliary services for customized information, data query
and turnkey services for specialized needs.
The inward clearing and return marking is web based. All images,
data and reports are available on web portal https://clearing.nift.com.pk.
The scoreboard facility on the web enables the Treasury Managers
to examine their positions as the day progress and enables
them to take apprperiate decisions.
NIFT provides services to all 38 commercial banks and their
7365 branches in over 269 cities.
Clearing Services offered:
--Overnight clearing Including Return Cheque Processing (24
hour Clearing Cycle)
--Same Day / High Value Clearing including return cheque Processing
(3 hour Clearing Cycle)
--Inter City clearing including Return Cheque Processing (48
hour Clearing Cycle)
--Countrywide Local US Dollar Clearing (5 day Clearing Cycle)