Karachi: National Institution Facilitation Technologies (NIFT) recently signed an understanding for collaboration with HashMove (a global multi-modal logistics platform) to facilitate the payment solution for Global Commodities Trading & Multi Model Logistics Platform. The purpose of this arrangement is to enter into a strategic partnership , enabling the real time commodities trading, and logistics services offered by hundreds and thousands of suppliers, traders, importers and exporters within Pakistan and GCC. The connectivity of HashMove digital platform for logistics and commodities with NIFT will allow the trading and cargo service for Sea/ Air and Land and commodities trading via digital mediums allowing corporates, businesses, customers of HashMove logistic platform such as Importers of Freight Forwarders, Customers of Ground Transportation, Customers of Warehousing companies within Pakistan.
This is the first time any company in Pakistan will be providing the digital payment and settlement solutions for an end-to-end commodities trading without any human intervention. This collaboration will further eliminate the risk of any middleman and create an echo-system where the buyers, traders and suppliers of these trading can have an instant and digital payment settlement without any delays. The joint solution will connect the logistics platform of HashMove with all the banks in Pakistan and digitally provide their settlement services upon the successful completion of the trade. Similarly, the international buyers and the regulators will have a peace of mind for a complete track of their payments to the respected suppliers within Pakistan.
Speaking on the occasion, CEO of NIFT, Mr. Haider Wahab said: “NIFT is proud to be facilitating an initiative designed to completely digitize the trade of commodities from Pakistan to the rest of the world. It is amazing to envision the profound impact of this project on trade and exports of Pakistan. NIFT ePay will facilitate payments from local accounts for the trade and will provide compete support in execution of this project as we believe this will immensely facilitate the growth in exports of domestic commodities of Pakistan and in-line with ease of doing business.”
Sarfaraz Alam, CEO HashMove stated; “The upcoming success of the Pakistan’s economy lies in the fundamental of Out of the Box and new ways to approach and conduct business with the world. Instant Trade and Instant Payments is the new order of the world and Pakistani suppliers required to be adopting this new phenomenon sooner or later. At HashMove, our mission is to grow the export of Pakistan by connecting all the services around commodities trading and logistics digitally. Thanks to NIFT who understand the importance of the becoming a pillar of this approach and joined hands with us to facilitate all kinds of Payment solutions with our platform for the commodities and logistics suppliers, traders, business houses, importers and exporters in Pakistan and GCC.”
NIFT is a joint venture between consortium of six banks and private sector. It is responsible for establishment and management of automated clearing house in the country under the license of State Bank of Pakistan. Currently, NIFT is serving 36 commercial banks with 11,912 branches and 7 microfinance banks with 499 branches through its 27 Centers covering 357 cities, nationwide.
NIFT’s key business lines are as follows:
- Automated Clearing House (ACH)
As Pakistan’s largest transactional clearing facilitator, we offer cheque clearing, reconciliation, unpaid cheque processing, same-day clearing, inter-city clearing, as well as inter-branch and inter-bank settlements
- NIFT ePay
An innovative digital payment system infrastructure to create open and interoperable ecosystem to digitize payments through multiple channels and promote digital financial services in Pakistan in collaboration with TPS as the technology partner
- NIFT eTRUST
Self-sovereign Identity based on PKI Certificate Authority and Distributed Ledger Technology geared to provide digital identity for electronic transaction, optimal security, Non-Repudiation, AML and Fraud Protection. First organization with 7 Tiers’ security enabled datacenter for identity services in Pakistan
- Image Systems Marketing (ISM)
A wholly owned subsidiary established to provide image-based products and services and related systems
- Other Projects
Large scale project management including Utility Processing (stub collection and processing), Board of Intermediate and Secondary Education (printing) and supporting various Government projects
- website: www.nift.pk
Brief about HashMove:
HashMove® is a Dubai-based technology company, introducing a smart logistics marketplace connecting shippers and logistics providers to seamlessly engage in conducting global, multi-modal, end-to-end logistics transactions and simplify the experience of shipping goods. HashMove’s marketplace for logistics gives users the ability to Search & Book shipments, view Pricing & Deals, Monitor & Track goods in real-time, across multiple logistics providers. Industry expertise coupled with the adoption of the latest technologies in IoT Tracking, Quality monitoring and Securing Shipments makes HashMove’s platform the leader in providing innovative digital logistics solutions. Strong regional ties and endorsements from government entities and industry experts is a testament to our credibility and capability.