1LINK has implemented a unified bill payment solution under the ambit of 1BILL, to provide a convenient and user-friendly experience to the customers for their bill payment needs. Furthermore, it also brings ease of integration for member banks, i.e., one-time development effort required for enablement of 1BILL module on their technology stack. This enables all participating billers across all ADCs and OTCs of member banks without any change at banks’ end, reducing time-to-market for billers and eliminating unnecessary rework at Banks’ end. Under 1BILL option, following bill categories are available:
Credit Card Bill Payment: Partial payment mode - Customer will fetch the bill and can input the desired amount to be paid.
Fixed payment mode - Invoice/Voucher Payment: Customer will fetch the bill and confirms the payment.
Variable/Partial payment mode - Top Up Payment: Customer will fetch the bill and can input the desired amount to be paid.
1PAY is a step ahead in payment methods where payee/receiver selects a unique 1PAY-ID of his/her choice for payments method and has no need to remember his/her account number/IBAN. The option to self-select alpha or numeric or alphanumeric 1PAY-ID on a predefined format is convenient for payees/receivers to remember and share with payers/senders.
Members will now offer 1LINK 1PAY as an extension of funds transfers to their payees/receivers requesting them to set-up their 1PAY identifier (alias) which allows them a choice to create a single alias based on one of the below:
• Nick name
• Mobile number
• Anything else that payees/receivers set.
Further, the same 1PAY identifier (alias) may be used at multiple Members (first come first serve basis) by the same payee/receiver to manage their financial transactions in a coordinated and efficient manner.
Payers/senders will only enter the payees/receivers 1PAY identifier (alias) and the query will be routed to 1LINK Directory service for translation to account details.
The OTP Based Debit service is a payment method that is designed to run on banking networks. It allows customers to pay for transactions by debiting directly from their bank account, as opposed to processing through a card brand or scheme.
This service is being introduced by 1LINK as a standalone transaction set for its Members and Affiliates where customers can link their bank accounts to a payment acquiring channel, and subsequently make payments using their bank accounts through a direct debit.
The account verification and the payment debit are made secure using an OTP mechanism, which is sent to customer for authorization of each transaction request by the Issuer.
1QR is an innovative development over the existing 1IBFT service, that contributes convenience at customer’s end by transforming the way P2P and Retail payments are made. In case of a P2P transaction, the receiver shares the credentials in form of a QR, and the sender scans the QR to make the payment. Whereas, in the case of Retail payment, instead of swiping the card on POS, the customer just needs to scan the QR Code displayed on the counter via his/her mobile phone.
1QR potentially opens a new market of P2P and Retail transactions below the threshold of 10,000 PKR. Given the rise in trend of modern trade and ride-hailing services, 1QR if implemented can be a ‘game-changer’ for the Pakistani market.
To further facilitate the participating banks in bulk transfer use cases, 1LINK has created Bulk 1IBFT APIs utilizing 1IBFT rails. The participating banks can utilize the service for Bulk transfer use cases including but not limited to Salary transfers, Disbursements, Remittances etc.
Bringing more convenience to the end customers, 1LINK enabled member banks to offer ‘Inter Bank Funds Transfer’. 1LINK is the first entity in Pakistan to launch “1IBFT” – Inter Bank Funds Transfer, a 24/7 real-time service that ensures online transaction processing instantly across different banks.
As a further step into innovation, 1LINK launched 1IBFT Over the counter (1IBFT OTC) to facilitate consumers for easy and quick transfer of funds from sender’s bank account and/or handover cash at participating member banks to be transferred to receiver’s account in any bank. Banks are provided with a web interface on the portal provided by 1LINK or they can integrate and consume 1LINK’s provided API in their own banking interface.