Standard Chartered Bank, a worldwide financial institution with a presence in Pakistan, has announced the signing of an agreement with National Institutional Facilitation Technologies (NIFT), a specialised organisation that facilitates digital commerce payments. Standard Chartered Bank will use this arrangement to link to “NIFT ePay” as a “Issuer” and “Acquirer” to help its clients. This Digital Financial Services Platform’s main goal is to provide interoperable and safe digital-commerce payments in Pakistan utilising any bank account, card, or wallet.
Standard Chartered Pakistan delivers its international omni-channel collections service for corporate clients – Straight2Bank Pay – with this partnership, giving end-consumers with several payment choices both online and offline. Working with a single source, a single point of integration, and minimum investment, the solution functions as a one-stop shop to help clients expand and collect digitally. Standard Chartered’s excellent infrastructure fulfils the highest standards of security, integrity, and stability, and clients benefit from real-time payment notifications backed by data analytics. This agreement also enables Standard Chartered Bank’s account-holders to be able to pay the NIFT ePay merchants, opening up a new payment option for the bank’s customers.
NIFT ePay provides an opportunity to the retail end-consumers who don’t have Debit or Credit Card to conduct e-commerce transactions directly through their current or savings accounts. These consumers can maintain their account with any NIFT ePay member bank to transact for e-commerce purchases, where Standard Chartered Bank will also act as the collecting bank offering a digital online platform to their corporate collection mandates through an account-based local payment gateway.
Standard Chartered Bank has been at the forefront of digital innovation, with its network of 42 branches operating all over Pakistan, in the Corporate, Retail and Islamic Banking sectors. This partnership has created greater convenience for Standard Chartered Bank’s clientele, enabling them to make digital payments on the retail side, while at the same time allowing its corporate clients to collect, as well as, pay for these transactions.
The signing ceremony was chaired by the Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited and Mr. Haider Wahab, CEO, NIFT who signed the agreement along with Mr. Shiraz Hyder, Head of Transaction Banking at Standard Chartered Bank Pakistan. Other senior officials who graced the occasion included; Mr. Arslan Nayeem, Head of Client Coverage, CCIB Pakistan – and Mr. Fawad Abdul Kader, Head of Digital Financial Services at NIFT and others representing the collaborating institutions.
Speaking on the occasion, Shiraz Hyder, Head of Transaction Banking, Standard Chartered Bank Pakistan remarked, “Straight2Bank Pay is a one-stop global platform, providing consumers the flexibility to pay online through multiple digital options – i.e. through wallets, debit/credit cards or account transfers. It will aid our corporate clients to enhance their e-commerce presence, while we help them collect digitally from end-consumers, all through a single integration, one contract and their existing collections account with us. Our partnership with NIFT is of significant importance as we help our customers expand their e-commerce marketplaces, while providing digital collections and payment options for players in their ecosystems”.
Mr. Fawad Kadeer, Head of Digital Financial Services, NIFT said, “We are pleased to sign up Standard Chartered Bank as an Issuer and Acquirer for NIFT ePay services, enabling the bank’s account holders to make payments on NIFT ePay Platform through their bank accounts and also allowing Standard Chartered Bank to offer online collections to its corporate and business relationships. Standard Chartered Bank has been offering reliable and convenient services to its customers and maintains its niche in the financial services space and has a great potential in digitizing payments and collections, in partnership with NIFT, especially for Business Payments”.