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.
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.