1LINK

1LINK
Operating area Pakistan
Members 6,800+ ATMs
Founded 1999

1LINK (Guarantee) Limited is a consortium of major banks that own and operate the largest representative interbank 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).

History

Formation

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.

The era of President General Pervez Musharraf starting from 1999 saw a revolution in banking industry. By using ATM, people had an ease of accessing their own money and they no longer had to go through the hassle of bank queues for withdrawing their own money.

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.

Statistics

Services

  1. Shared ATM network
  2. Inter-bank funds transfer
  3. Visa services
  4. Utility Bill payment service
  5. Credit card acquiring
  6. Connectivity with other networks

External links

This article is issued from Wikipedia - version of the Thursday, February 25, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.