INTRODUCTION
NIFT - National Institutional Facilitation Technologies (Pvt.). Ltd. was incorporated in September 1995 as joint venture between a consortium of six banks and entrepreneurs from the private sector. All commercial banks and all of their branches in major cities avail NIFT’s services. As of May 2011, 37 commercial
banks and their 6698 branches in 241
major cities, 22 data centres utilize NIFT’s
services.
NIFT has setup elaborate data centers/sub-centers geared to provide automated services for document processing particularly in the payment arena. Modern image based facilities have been established at 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 and Larkana. The services include cheques clearing, reconciliation, ‘return’ (unpaid)
cheques processing, same day clearing (express – 2 hrs.
clearing service), intercity clearing and inter branch &
inter bank settlement. Services are provided at individual
branch level to over 6698 branches in 241 major cities and
smaller cities.
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NIFT has set up a grid of automated clearing which provides efficient and cost effective intercity clearing involving 22 major and over 220 satellite cities in Pakistan. NIFT has facilitated setting up of citizen data base by National Database and Registration Authority (NADRA) by image archiving of 65 million census forms. NIFT has progress the ACH facilities by providing web based facilities. The clearing results are now accessible by banks and branches through the NIFT's web portal.
In addition to providing services to the financial industry, NIFT is a trusted service provider to major utility companies for utility payment services. Both gas distribution companies of Pakistan (SSGC and SNGPL), Telecommunication company (PTCL), Cellular companies (Mobilink and Telenor) exploit NIFT's Services). NIFT also provides exclusive item processing services to large corporations which includes oil refinery, insurance companies and other businesses.
ISM
- NIFT has incorporated an wholly owned subsidiary ‘Image Systems Marketing (Pvt.) Ltd.’, to offer Enterprise Content Management Services. ECMS comprises of image archiving/retrieval and document management services, bulk printing of variable and fixed data (in colour and black), insertion services and web publishing of enterprise data. It has been a unique experience to bring six large banks and private sector on one platform to help modernize payment systems in Pakistan.
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NIFTeTRUST
- Modernizing payments systems in Pakistan, a Trusted Third Party (TTP) Processor,
NIFTeTRUST is to date the most broad and technologically advanced initiative of NIFT.
Ensuring security and safety of commerce and communications over the Internet is the
key objective of NIFTeTRUST.
NIFTeTRUST is the First Certificate Authority (CA) in Pakistan established under VeriSign Trust Network as one of its Global Affiliates, with its data center certified to international standards X9.79 and ISO-17799. NIFTeTRUST has paved way for Pakistani organizations to safely and securely operate online business under a Global Trust hierarchy.
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