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NIFT, Haball to introduce contextual B2B payments in Pakistan

Friday 1 May 2020 08:57 CET | News

National Institutional Facilitation Technologies (NIFT) and Haball, a B2B fintech and corporate aggregator, have teamed up to introduce contextual B2B payments in Pakistan.

Thus, the companies have signed an Institutional Aggregation Agreement for enabling B2B payments through NIFT’s Digital Financial Services platform under the brand name ‘NIFT ePay’. The strategic agreement is aimed to promote digitisation of B2B and Supply Chain payments through a contextual railroad designed for B2B payments that is deeply integrated with businesses’ ERP / Supply Chain platforms.

NIFT has worked with its technology partner TPS and strategic aggregator Haball to design a ‘Contextual Funds Transfer (CFT)’ railroad which allows interoperable payments between multiple business accounts. Furthermore, it also provides real-time confirmations to both the payer and the payee of the payment and its context enabling real-time reconciliation.

In addition to the CFT railroad, Haball’s Unified experience platform provides payment solutions to businesses and facilitates banks to fulfil the transactional needs of the corporate clients beyond their own infrastructure. CFT is based on the ISO 20022 framework.

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Keywords: NIFT, Haball, partnership, B2B payments, Pakistan, reconciliation, ISO 20022, NIFT ePay, ERP, supply chain
Categories: Banking & Fintech | Payments General
Countries: Pakistan
This article is part of category

Banking & Fintech