It is a Pakistan based banking service which enables individuals to transfer funds between one bank to another in an electronic, quick and safe manner. Rather than placing money in cash or cheques or going to the banking hall, IBFT allows customers to send or receive money between bank accounts through digital means.
How IBFT Works
Under IBFT, an individual is able to transfer money between bank accounts through their bank account to the account of another individual in a different bank. This transfer may be accomplished in mobile banking applications, internet banking, or ATM machines or branches of banks. All that the sender will require is the bank name and account number of the recipient or IBAN.
After the request is made, the transaction is done via the banking system of Pakistan and the recipient normally receives the money within minutes. Sometimes, it can be several hours, which is also dependent on the bank and the time of transaction.
Who is running IBFT in Pakistan?
The State Bank of Pakistan (SBP) oversees the obligation of the IBFT services in Pakistan. The central bank makes sure that all interbank transfers are carried out in a secure, transparent and within the banking regulations.Most local and foreign banks in Pakistan are connected to the IBFT system.
Key Benefits of IBFT
IBFT has made money transfers faster, safer, and more convenient. People no longer need to carry large amounts of cash or rely on cheques that take days to clear. It is widely used for salary payments, business transactions, bill payments, online shopping, and personal transfers.
Is IBFT Safe?
Yes, IBFT is safe since it is doing business in the regulated banking system in Pakistan. To secure the data and funds of the users, banks employ encryption, verification measures, and other security measures. Nevertheless, it is recommended that customers verify the account details twice prior to approving any transfer since any wrong information can result in delays or abortions.
Charges and Limits
Banks usually charge a small fee for IBFT transactions, especially for higher amounts. The transfer limits and charges may vary from bank to bank and depending on whether the transfer is made through a branch, ATM, or digital channel.
IBFT vs Other Transfer Methods
Compared to cash payments or cheques, IBFT is much faster and more reliable. It is also different from instant wallet transfers, as IBFT specifically connects bank accounts across different banks.
IBFT has become an essential part of Pakistan’s modern banking system. It supports digital payments, reduces cash handling, and makes everyday financial transactions easier for individuals and businesses alike.
