M10 Networks teams with NIFT on B2B digital payments in Pakistan

Tuesday 26 April 2022 14:29 CET | News

The National Institutional Facilitation Technologies (NIFT) of Pakistan and fintech US-based fintech M10 Networks had partnered to facilitate B2B payments within Pakistan.

M10 enables banks to modernise money movement by providing a platform to tokenize regulated liabilities, such as central bank money, commercial bank money, and digital currencies, and offer low cost B2B payments and instant, 24/7 cross-border transfers.

NIFT is a Payment System Operator (PSO) in Pakistan for cheque clearing and the country’s Digital Payment Gateway, providing an electronic platform for clearing, processing, routing, and switching of electronic transactions. The partnership between the twowas developed in response to the 2021 overhaul of tax laws by Pakistan’s Federal Board of Revenue, which requires companies to make digital payments for expenditures of more than USD 3,264.

Under the agreement, NIFT will act as the local operator of the M10 platform and use the M10 shared hierarchical ledger and digital authorisation technology to authorise digital payments. NIFT will settle digital payments using its existing settlement mechanisms and in compliance with local regulations. Subject to regulatory approval, M10 and NIFT will work together, along with nine local participating banks to enable the authorisation of commercial payments between commercial entities in Pakistan. The project will commence in Q2 of 2022 and will be delivered in three phases with completion in the first half of 2023.

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Keywords: partnership, digital payments, tokenization, payment gateway, B2B payments, payment processing
Categories: Payments & Commerce
Companies: M10 Networks, National Institutional Facilitation Technologies
Countries: Pakistan
This article is part of category

Payments & Commerce

M10 Networks


National Institutional Facilitation Technologies

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