Rollout of image-based check clearing system starting in September 2021
Pakistan's central bank, State Bank of Pakistan (SBP), has recently announced the formal launch of the image-based cheque system (IBCS) through National Institutional Facilitation Technologies (NIFT), the cheque clearing house of Pakistan.
Today the new process is finally ready after several years of study and planning, to which Panini contributed thanks to the efforts of our local Partners and the support of our area distributor Technology Space - who have been collaborating with NIFT. After over two decades of paper based clearing, Pakistan is finally set to bring itself at par with international practices and to reap the efficiencies and benefits related to digital clearing.
The initial implementation phase will result in an early settlement of funds into payee accounts compared to existing approval cycles based on evaluation of physical cheques; in a subsequent phase, cheque truncation services will extend to branch capture and even remote capture. Panini is positioned to become a keystone element of the new image-based truncation system, thanks to its diverse, flexible and highly reliable range of specialised scanners, which include intelligent devices with on-board processing and wireless and LAN capability.
Read the full article about IBCS launch on the NIFT web site!
[photo credits: Atif Gulzar]