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Paysys Labs x ILF Grant Project

Community Call

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About Us

  • Founded in 2016, now a leading Fintech solution provider in Pakistan
  • Team of 250+ Workforce
  • We offer cutting edge solutions and advisory services to the Banking and Non-Banking Financial Institutions
  • Products: Open Connect, Open Wallet, Open Digital, Open CMS, Open ACS & Open Acquiring

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Problem Statement

  • Pakistan receives over USD 27 billion annually in remittances
  • Senders: Overseas Pakistanis (workers in Gulf, professionals over the World)
  • Recipients: Families in Pakistan (mainly for daily living), Freelancers etc.

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  • Problems faced by Banks in Pakistan
    • Regulatory & Compliance Challenges
      • AML/CFT Screening, Delayed KYC process
    • Operational & Infrastructure Issues
      • Legacy systems, Limited branches in rural areas
    • Customer Experience Problems
      • Delays in Settlement, Paperwork, Branch timings
      • No bank accounts
    • Informal Channels
      • Hawala or Hundi: Informal way of transferring money

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Proposed Solution

  • Paysys Labs partners with Allied Bank Limited (ABL) to transform Remittance landscape in Pakistan
  • The goal is to enable 600,000+ ABL Customer accounts Interledger Payment (ILP) network via Paysys Open Connect Middleware
  • This will enable ABL to offer faster, more cost-effective remittance services, enhancing customer experience and expanding financial inclusion in Pakistan
  • GHSC is helping us in preparing the required documentation such as Compliance Plan, Testing Report, Security planning etc.

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Solution Architecture Overview

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ABL Core Banking System

  • The T24 Core Banking System, developed by Temenos, is being used in Allied Bank Limited (ABL).
  • Its core functions typically include:
    • Customer Management
    • Accounts Management
    • Payments and Transfers
    • Compliance and Risk Management
    • General Ledger and Financial Management
    • User and Security Management
    • Reporting and Analytics

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Digital Wallet (Sender)

  • We are assuming that a sender is using Bank of America’s Digital Wallet to send a remittance to Pakistan

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Paysys Product “Open Connect”

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  • Open Connect will serve as middleware and handle Rafiki’s webhook events

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ABL Internet Banking (Receiver)

  • Allied Bank Limited (ABL) Customer will be using Internet Banking to keep track of their incoming remittances

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AML/CFT/KYC Checks

  • Anti-Money Laundering (AML), Counter-Terrorism Financing(CFT), & Know Your Customer (KYC) checks will be performed by ABL BackOffice Systems

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DEMO

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What’s next

  • Our focus will be on delivering the next set of core project components that includes:
    • Completion of Development tasks
    • Submission of Testing Reports
    • Submission of Source Code and other supporting documents
  • These deliverables will be submitted progressively, in line with our project timeline.

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  • Our next formal progress report is scheduled for submission by November 14, 2025.

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Learn More About Us

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