Well, yes, it is!
Though some experts argue that IBFT is not a “fast payment” method because the service uses advice messages to credit the receiving accounts. Others point out that banks don’t exchange funds in real-time and refer to the deferred or net-settlement method of 1Link.
Before answering these arguments, let’s have a closer look at the “fast payments.”
Earlier this year, the Karandaz Ideation Workshop was jointly organized by Karandaz Pakistan, INNOVentures Global and Finclude at Marriott hotel, Islamabad.
I delivered two training sessions at the workshop. The topics included payment technologies, covering digital payment system & DFS infrastructure of Pakistan, and current market scenario, covering commercial banks, MFS providers, fintechs, PSO/PSP and NBIs operating in Pakistan.
MUHAMMAD FAIZAN SIDDIQUI 