Source: Business Recorder
KARACHI: Allied Bank, one of Pakistan’s leading commercial institutions, has announced a strategic partnership with Paysys Labs, a pioneer in next-generation payment technologies, to pilot the Interledger Protocol (ILP) for seamless cross-border transactions.
As part of this groundbreaking collaboration, Paysys Labs has also secured the prestigious Digital Financial Services Grant from the Interledger Foundation (ILF). The initiative aligns with ILF’s mission to “send a payment as easily as an email,” and marks a major step forward for Pakistan’s financial technology landscape.
Under the pilot program, Paysys Labs—working closely with Allied Bank—will develop a Proof of Concept (PoC) to implement a node on the ILP Test Network. This will allow Allied Bank’s customer accounts to function as wallets on the global ILP network, facilitating smooth and instant cross-border payments from other registered and regulated financial institutions around the world.
The pilot reflects both organizations’ shared commitment to embracing innovation while ensuring regulatory compliance and data security. By integrating ILP into its digital payment infrastructure, Allied Bank aims to explore next-generation solutions that can streamline international transactions and increase financial inclusion.
This initiative positions Allied Bank and Paysys Labs at the forefront of digital transformation in Pakistan’s banking sector, setting the stage for a more connected and efficient global payments ecosystem.
