Pakistani fintech firms join forces with Banks to promote B2B online payments

Financial technology company Haball is working with the electronic trading platform 1Link and the Pakistani Meezan bank to develop a business-to-business online payment tool, according to a bank technical report on October 8. This tool serves primarily to streamline inter-company transactions such as payment, bookkeeping and reconciliation.

The report also shows that Meezan bank will be responsible for clearing transactions, and 1Link handles the payment process.

Haball CEO Omer Bin Ahsan stated in a statement that “Haball’s instant electronic payment method can make business more convenient, and the original business process efficiency is improved by optimizing existing workflows and productivity.”

It is reported that the Fatima Group will be the first person to eat crabs, the first test of business-to-business payment method.

The company’s CIO (Sardar Naufil Mahmud) will deploy payment methods, assign order-to-cash and procure-to-pay processes, and integrate the tools with the existing ERP system for enterprise resource planning.

For many organizations and multinational businesses with enterprise resource planning systems, financial management between companies is a big challenge.
In a survey published by Deloitte in 2016, company’s accounting process is a highly risky business activity that will bring more friction and contradictions to the company’s business processes.

Cheney, an assistant partner with Deloitte LLP, stressed that “While most of the leaders in accounting, tax and finance are focused on the flow of funds, the real challenge is in the context of global growth, mergers and acquisitions, and the integration of supply chains, where inter-firm accounting or the flow of funds through the organization of legal entities. ”

Last year, the New York financial services authority DFS levied nearly $630 million in fines on Pakistani Banks for violating federal and state laws, this is related to the bank’s single agency in the United States.

The New York financial services authority claimed in the report that the bank had “serious flaws” in its anti-money laundering management. The bank said it would “actively respond” to the fine.