In a significant move for Pakistan’s banking sector, BankIslami, one of the leading Islamic financial institutions in Pakistan, has launched the country’s first-ever Instant cheque encashment service through Cash & Cheque Deposit Machines (CCDMs), powered by TouchPoint’s advanced digital platform, QMatch. This innovative service allows customers to instantly encash their cheques without the need to visit a branch, providing them with enhanced convenience and a significant reduction in wait times.
This initiative is a step in BankIslami’s broader digital transformation strategy, aimed at enhancing customer accessibility, security, and operational efficiency. By leveraging QMatch’s advanced transaction processing capabilities, the service ensures customers can complete cheque encashment securely and efficiently in real time, without the traditional delays and branch visits.
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Ashfaque Ahmed, Chief Officer of aik, emphasized the importance of this advancement, stating, “With the introduction of this cheque encashment service, we are making a significant advancement in transforming the banking experience in Pakistan. This is more than just a service—it’s a commitment to enhancing customer convenience, ensuring faster and more secure transactions, and providing innovative digital solutions that align with our vision of becoming a fully digital bank.” He added, “As customer expectations evolve, we remain focused on leveraging the latest technology to deliver services that not only meet but exceed those expectations.”
This milestone highlights the strong partnership between BankIslami and TouchPoint, combining their efforts to bring innovative solutions to Pakistan’s banking sector. TouchPoint’s commitment to phygital banking solutions continues to drive innovation in the financial sector, with the introduction of the cheque encashment service playing a key role in strengthening Pakistan’s move toward a technology-driven banking ecosystem.
By integrating advanced self-service technology, the bank is ensuring that more customers can access banking services, contributing to the broader goal of enhancing financial literacy and access to banking facilities nationwide.