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.
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.
This is a variant of 1IBFT with attributes like convenience, speed and accuracy and to further enhance 1LINK IBFT portfolio, 1IBFT Insta offers convenience to member banks, its customers and works without involvement of SAF to transfer funds on real time basis. This transaction will provide instant funds credit confirmation and a reliable 1LINK channel for electronic funds transfer. 1IBFT Insta provides instant decisioning without recourse.
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.
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.
1LINK - 1ID is a bio-metric enabled cash withdrawal scheme that can bring in the unbanked masses to the fold of documented economy. As 1ID eliminates the need of card at ATMs, it enables cash withdrawal via Mobile wallet and Domestic Remittance apart from the standard practice of cash withdrawal against the Bank account.