Allied Bank, one of Pakistan’s leading commercial institutions, has partnered with Paysys Labs, a pioneer in next-generation payment technologies, to pilot the Interledger Protocol (ILP) for cross-border transactions.
As part of this strategic collaboration, Paysys Labs has also secured the prestigious Digital Financial Services Grant from the Interledger Foundation (ILF). Embracing ILF’s vision to “send a payment as easily as an email.” Paysys Labs, in partnership with Allied Bank, will develop a Proof of Concept (PoC) to implement a node on the ILP Test Network. This initiative will enable Allied Bank’s customer accounts to function as wallets on the global ILP network, allowing seamless cross-border payments from other registered and regulated financial institutions.
The pilot underscores both institutions’ commitment to harness and test the emerging technologies in a secure, compliant, and innovation-driven environment, paving the way for the next generation of digital financial services.
About Allied Bank
Allied Bank, Pakistan’s leading commercial bank, offers a wide range of financial products and services to individuals and businesses. Focused on customer satisfaction and innovation, the bank leverages advanced digital platforms and AI-driven solutions to deliver seamless, future-ready financial experiences.
About Paysys Labs
Paysys Labs is a Pakistan-based fintech company, established in 2016, that specializes in developing secure and scalable digital payment solutions for financial institutions. The company offers services including payment system consulting, implementation support, and digital transformation strategies.