Faysal Bank partners with NIFT

KARA6CHI: Faysal Bank Limited (FBL) and the National Institutional Facilitation Technologies (Pvt.) Ltd. (NIFT) have signed a deal on digital collaboration roadmap starting with digitisation of cheque deposits, a statement said on Friday.

According to the details, both the entities will be joining hands to offer customers a secure, convenient, and digital alternative to the traditional paper-based cheques. Commenting on the occasion, Amin ur Rahman, chief digital officer at FBL, stated, “We are excited on this collaboration with NIFT, for the introduction of new and innovative digital solutions and by combining our banking expertise with NIFT's technological capabilities, the aim is to challenge the status quo in the traditional banking space.” Javed Edhi, CEO of NIFT, termed the collaboration a step to shift paper-based cheques submission for clearing via the bank’s mobile app.