Central Depository Company (CDC) goes live with PayFast for Digital Payments Innovation
Karachi: Pakistani e-solutions platform, Emlaak Financials – a project by Central Depository Company, has officially gone live with PayFast, an indigenous payment gateway by Avanza Premier Payment Services, in order to facilitate the enablement of multi instrument payment methods. Through this partnership, Emlaak Financials, which acts as an aggregator of financial products, will allow its vast client ecosystem to use the services of PayFast’s online payments ecosystem for making online payments.
PayFast, regulated by the State Bank of Pakistan, allows merchants to receive payments from their customers through various methods, such as their bank account numbers, mobile wallets and debit/credit cards. The gateway functions with utmost security, thereby mitigating loss for end users through due diligence and industry standard fraud detection.
Emlaak Financials is a venture of ITMinds Limited, a subsidiary of the Central Depository Company of Pakistan (CDC). Since ITMinds’ inception in 2009, it has been actively involved in the development and implementation of state of the art business automation systems for both the local and international Capital Markets.
Mr. Adnan Ansari, CBO of APPS, said in a statement, “As Emlaak Financials is envisioned to be one of a kind financial solution platform, it only makes sense that it avails the best payments services that Pakistan has to offer. We feel proud of going live with Emlaak and allowing it to embrace digitization of modern payments.”
Mr. Badiuddin Akber – CEO, CDC said, “As we embark on this collaboration with PayFast, it gives us immense pride that we are engaging PayFast’s payment gateway for the first of its kind mutual fund aggregator platform being launched in the financial landscape of Pakistan. The launch of this platform and its integration with PayFast to enable secure and swift payments for mutual fund investors is in-line with CDC’s vision of enhancing efficiency and ease of doing business.”