Third party payment solution launched

KARACHI: The National Savings has launched a third party payment solution that will allow customers to make regular payments from their accounts in a hassle-free way, the National Savings said on Monday.
With this initiative, saving account holders can safely pay bills, rents, fees and other expenses through withdrawal slip in the name of the payee, like a cross cheque to be cleared through the clearing system, it said.
Previously, the withdrawal slips were used for payments to oneself only. “This will enable savings account of National Savings to effectively qualify as operational account and at par with any normal bank account,” said an official of National Savings.
“The National Savings withdrawal slip will act as a cross cheque and could be deposited in thirty party account with any bank, anywhere in Pakistan for fund transfer through banking clearing system.” This initiative became possible post National Savings membership of the banking clearing system. The National Savings remains the only non-banking member of the banking clearing system.