:Faysal Bank recently entered into a tripartite contract with 1LINK (Guarantee) Limited (1LINK) and Innovarge to offer online payments and collections facility through its KuickPay digital payment scheme.
The collaboration facilitates Kuickpay's corporate members to receive funds from their customers through various banking channels, says a statement issued here on Wednesday. This agreement allows Faysal Bank, 1LINK, and Innovarge to collectively provide a seamless and cost-effective payments and collections solution.
Additionally, KuickPay will encourage payments and contribute towards a more vibrant e-payments ecosystem. Innovarge's role will be of an aggregator while Faysal Bank will cover the settlement arrangement.
1LINK's largest state of the art infrastructure will ensure seamless processing of the transactions. Chief Executive Officer KuickPay Saqib Kazmi said, "This alliance will reform online payments and will provide corporates as well as retailers the facility to collect payments from their customers digitally using banks' digital and OTC channels which is currently a challenge in local industry." Head Transaction Banking, Faysal Bank Omer Farooq commented: "We are delighted to offer this convenience to all customers of KuickPay.
It is coherent with FBL's business strategy to improvise and enhance customer experience through cutting-edge banking solutions for valued customers. This collaboration will benefit KuickPay customers and further enhance operational ease." "1LINK, the focal point for all the payments across pakistan, has been working tirelessly in bringing multiple digital payment innovations and in achieving the SBP vision 2020.
With this alliance, we are going to witness the creation of new payment and collection services." said Mr. Najeeb Agrawalla, CEO, 1LINK.
Source: https://www.urdupoint.com/en/business/agreement-amongst-faysal-bank-1link-and-inno-318787.html