1LINK (Guarantee) Limited is a
consortium of major banks that own and operate the largest representative
interbank network in Pakistan and is incorporated under the Company Law, Section 42 by
Security and Exchange Commission of Pakistan (SECP).
1LINK has been converted to a Private Limited Company under section 49 of Companies Act 2017 on July 5, 2018.
History
Timeline
Year 1999:
ABN AMRO and
Askari Bank connected their ATM network to provide expanded services to their customers.[1]
Year 2002:
SBP circular for the mandatory connectivity of either of the two switches (1LINK or
MNET).[2]
Year 2003: 1LINK formed with a consortium of eleven founder banks.
Year 2004: SBP instructed 1LINK and
MNET to interconnect with each other.[1]
Year 2005: 1LINK partnership with
Visa International using cutting edge technology
Year 2006: 1LINK launched Inter Bank Funds Transfer Service (IBFT)
Year 2007: 1LINK launched Utility Bill Payment Service (UBPS)
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 Members
The number of 1LINK member banks has increased rapidly since the inception of the company in 2004.
1LINK is the largest banking consortium in Pakistan. The
State Bank of Pakistan has mandated that all commercial banks in Pakistan, both foreign and domestic, become members of 1LINK. Additionally, the four 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.
In line with
State Bank of Pakistan vision 2020 to enhance and promote financial inclusion, 1LINK launched Pakistan’s first domestic payment scheme – PayPak in April, 2016.[5]
PayPak has 10% of market share in terms of volume of cards in the market.[6]