1LINK
Encyclopedia
1LINK Limited is a consortium
of major banks that own and operate the largest representative shared financial services
network in Pakistan.
The 1LINK brand has grown as their number of member banks increases.
1LINK (Guarantee) Limited is a registered company, incorporated under the company law by Security and Exchange Commission of Pakistan (SECP).
1LINK is owned by the consortium of eleven major banks of the country and operates through a chief executive officer
. The company Board consists of eleven directors
, one from each founder member bank.
1LINK is the largest banking consortium in Pakistan. It is one of the two ATM switches operational in the country (the other is MNET, hosted by MCB Bank Ltd). The State Bank of Pakistan
has mandated that all commercial banks in Pakistan, both foreign and domestic, become members of one or the other switch. Additionally, the two switches have been interconnected since 2006, which means that a consumer holding an ATM or debit card issued by any bank in Pakistan may use any ATM located throughout the country.
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
of major banks that own and operate the largest representative shared financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
network in Pakistan.
The 1LINK brand has grown as their number of member banks increases.
1LINK (Guarantee) Limited is a registered company, incorporated under the company law by Security and Exchange Commission of Pakistan (SECP).
Formation OF 1LINK
- Year 1999: ABN AMRO and Askari Bank connected their ATM network to provide expanded services to their customers using technology from #REDIRECTTPS PakistanTPS PakistanTPS Pakistan is a Pakistan based technology firm established in 1996 by two entrepreneurs Mohammed Sohail and Mobushir Rahim. TPS is credited with the establishment of the ebanking infrastructure in Pakistan and is powering 80% of the banks in Pakistan and the largest inter bank shared switch -...
.. - Year 2002: SBPState Bank of PakistanThe State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged...
circular for the mandatory connectivity of either of the two switches. - Year 2003: 1LINK formed with a consortium of eleven founder banks.
- Year 2005: 1LINK partnership with Visa International using technology from TPS PakistanTPS PakistanTPS Pakistan is a Pakistan based technology firm established in 1996 by two entrepreneurs Mohammed Sohail and Mobushir Rahim. TPS is credited with the establishment of the ebanking infrastructure in Pakistan and is powering 80% of the banks in Pakistan and the largest inter bank shared switch -...
.. - Year 2006: 1LINK launched Inter Bank Funds Transfer Service (IBFT)in collaboration with and using technology from TPS PakistanTPS PakistanTPS Pakistan is a Pakistan based technology firm established in 1996 by two entrepreneurs Mohammed Sohail and Mobushir Rahim. TPS is credited with the establishment of the ebanking infrastructure in Pakistan and is powering 80% of the banks in Pakistan and the largest inter bank shared switch -...
.. - Year 2007: 1LINK launched Utility Bill Payment Service (UBPS) in partnership with and using technology from TPS PakistanTPS PakistanTPS Pakistan is a Pakistan based technology firm established in 1996 by two entrepreneurs Mohammed Sohail and Mobushir Rahim. TPS is credited with the establishment of the ebanking infrastructure in Pakistan and is powering 80% of the banks in Pakistan and the largest inter bank shared switch -...
.
1LINK is owned by the consortium of eleven major banks of the country and operates through a chief executive officer
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
. The company Board consists of eleven directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, one from each founder member bank.
Membership history
The number of 1LINK member banks has increased rapidly since the inception of the company in 2003.1LINK is the largest banking consortium in Pakistan. It is one of the two ATM switches operational in the country (the other is MNET, hosted by MCB Bank Ltd). The State Bank of Pakistan
State Bank of Pakistan
The State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged...
has mandated that all commercial banks in Pakistan, both foreign and domestic, become members of one or the other switch. Additionally, the two switches have been interconnected since 2006, which means that a consumer holding an ATM or debit card issued by any bank in Pakistan may use any ATM located throughout the country.
- Year 2003: twelve member banks
- Year 2004: fifteen member banks
- Year 2005: seventeen member banks
- Year 2006: twenty-two member banks
- Year 2007: twenty-four member banks
- Year 2008: twenty-nine member banks
- Year 2009: thirty-one member banks
- Future: sixty-six member banks
Statistics
- Strength of thirty-one banks, including all Islamic banks of the country and two micro finance banks.
- Pakistan’s largest ATM switch with 3,400+ ATMs in 200+ cities nationwide.
- Debit/credit card base exceeding 7.11 mMillion.
- Volume of PKR 14.2 billion (monthly average) of ATM withdrawal.
- Inter bank funds transfer among more than 3,000 branches of participating IBFT Banks nationwide.
- Monthly Rs. 388 million (approximately) transfer of funds among IBFT banks.
Services
- Shared ATM network
- Inter-bank funds transfer
- VisaCompanyA company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
services - Utility Bill payment service
- Credit card acquiring
- Connectivity with other networks