Inter Bank Funds Transfer, known as IBFT is an extension to Phoenix Third Party Funds Transfer (3PFT). IBFT allows customers of participating 1LINK member banks to transfer funds from any of their banking account to other over the 1LINK ATM network. IBFT facility is the latest innovation conceived and delivered by TPS to take e-Banking services within Pakistan a level ahead. IBFT is amongst the initiatives from TPS on the 1LINK platform after the successful launch of 1LINK VISA Debit and acceptance of 1LINK member bank credit cards on the 1LINK switch.
With 1LINK IBFT, the e-Payment industry is now open to various possibilities. IBFT offers self-service banking customers to make payments round-the-clock, without the need to raise physical supporting vouchers or documents such as cheques, bank drafts, etc. Thus IBFT significantly reduces the dependency on paper-based transactions. IBFT is also ideal for cross city inter-bank payments as it allows funds transfer in a real-time, more fast, secure and cost efficient manner.
The IBFT launch also opens up possibilities of new and exciting product designs over this basic domain infrastructure in the areas of customer to customer (C2C), business to business (B2B) and customer to business (C2B) transactions.
IBFT is indeed a historical milestone, as the implementation of IBFT propels the banking industry closer to revolutionizing banking goals throughout Pakistan.
