1LINK

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1LINK (Guarantee) 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 and the company is in the forefront of Pakistani development of eBanking.

1LINK (Guarantee) Limited is a registered company, incorporated under the company law by Security and Exchange Commission of Pakistan (SECP).

History

Formation OF 1LINK

• Year 1999: ABN AMRO and Askari Bank connected their ATM network to provide expanded services to their customers.
• Year 2002: SBP circular for the mandatory connectivity of either of the two switches.
• Year 2003: 1LINK formed with a consortium of eleven founder banks.

1LINK is owned by the consortium of eleven major banks of the country and operates through a chief executive officer. The company has a Board, consists of eleven directors, 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 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

As of 2008^[update] more banks are in the process of joining 1LINK.

Statistics

• Strength of twenty-four Banks, including all Islamic Banks of the Country & a Micro Finance Bank.
• Pakistan’s Largest ATM Switch with 1,500+ ATMs in 150+ cities nationwide.
• Debit/Credit Card base of exceeding 4.0 Million.
• Volume of PKR 7.0 Billion (Monthly Avg.) of ATM withdrwal.
• Inter Bank Funds Transfer among more than 2,500 branches of participating IBFT Banks nationwide.
• Monthly Rs. 215 Million (approx.) transfer of funds among IBFT banks.

Services

1. Shared ATM Network
2. Inter-bank Funds Transfer (IBFT)
3. Visa Services
4. Utility Bill Payment Service (UBPS)
5. Credit card acquiring
6. Connectivity with other Networks

External links

• 1link