In a groundbreaking step for Pakistan’s banking sector, BankIslami has launched the country’s first-ever cheque encashment service through Cash & Cheque Deposit Machines (CCDMs). This pioneering initiative is powered by TouchPoint’s QMatch, a cutting-edge financial technology solution that streamlines cheque processing, making it faster, more secure, and more efficient.

This innovative service enables customers to cash their cheques instantly without the need for visiting a bank branch. By integrating advanced digital transaction processing with traditional banking infrastructure, BankIslami and TouchPoint are setting a new standard in Pakistan’s financial ecosystem.

How QMatch is Transforming Cheque Encashment

For decades, cheque encashment in Pakistan has been a manual, time-consuming process that required individuals to physically visit a bank, wait in long queues, and complete multiple verification steps. However, TouchPoint’s QMatch platform is now revolutionizing this experience by enabling:

✅ Instant cheque encashment – Customers can deposit and withdraw cash within minutes.
✅ Secure transactions – Advanced verification and fraud detection systems ensure safety.
✅ 24/7 accessibility – No more waiting for banking hours; customers can use CCDMs anytime.
✅ Paperless banking – Reducing paperwork and making banking more eco-friendly.

By leveraging TouchPoint’s robust transaction processing and verification capabilities, BankIslami has taken a significant step toward digital transformation, ensuring greater accessibility and efficiency for its customers.

BankIslami’s CIO on the Future of Digital Banking

Speaking about this milestone, Ashfaque Ahmed, Chief Information Officer (CIO) of BankIslami, highlighted the bank’s strategic vision to integrate digital solutions that improve customer experience and operational efficiency.

“With this initiative, we aim to redefine banking convenience by introducing seamless, secure, and efficient cheque encashment. Our partnership with TouchPoint and QMatch has allowed us to automate a critical financial process, aligning with our goal to become a leader in digital banking innovation in Pakistan.”

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Ahmed emphasized that BankIslami’s digital roadmap includes further innovations in AI-powered fraud detection, real-time transaction tracking, and blockchain integration to enhance security and transparency in financial transactions.

The Role of CCDMs in Banking Evolution

Cash & Cheque Deposit Machines (CCDMs) are playing a crucial role in the modernization of banking services. These self-service kiosks allow customers to deposit cash, submit cheques, and withdraw funds without human intervention. While ATMs have been widely used for cash withdrawals, CCDMs expand their functionality, enabling cheque encashment as well.

With Pakistan moving towards a cashless, tech-driven economy, CCDMs offer multiple benefits, such as:

• Reducing branch workload – Bank staff can focus on customer support rather than manual processing.
• Minimizing fraud risks – Automated verification processes ensure authenticity.
• Enhancing customer convenience – Transactions can be completed faster, without waiting in long queues.

By adopting this phygital (physical + digital) approach, BankIslami and TouchPoint are bridging the gap between traditional banking and modern digital solutions.

TouchPoint: Leading the Way in Digital Banking Solutions

As a pioneer in financial technology, TouchPoint has been instrumental in driving digital transformation across banking institutions in Pakistan. With QMatch, the company has introduced a smart transaction processing system that integrates with core banking operations to streamline cheque verification, fraud detection, and instant cash disbursement.

Why This Innovation Matters for Pakistan’s Banking Sector

The launch of cheque encashment via CCDMs marks a turning point for Pakistan’s banking landscape, aligning with global trends in automation and self-service banking. This initiative will:

✔ Improve financial inclusion – More people will have access to banking services, reducing dependency on traditional branch visits.
✔ Enhance security measures – Biometric authentication and AI-driven fraud detection will ensure safer transactions.
✔ Support Pakistan’s digital economy – With more automated solutions, financial transactions will become faster and more reliable.

By introducing technology-driven solutions, BankIslami and TouchPoint are contributing to the government’s vision of a digitally advanced Pakistan, where financial transactions are more accessible, transparent, and efficient.

The Future of Phygital Banking in Pakistan

The integration of digital and physical banking services is becoming increasingly important as consumer expectations evolve. With more people relying on mobile banking apps, digital wallets, and self-service kiosks, banks must continue to invest in smart, automated solutions to stay competitive.

BankIslami’s move to enable cheque encashment through CCDMs powered by QMatch is a game-changer that sets a precedent for other financial institutions. As technology continues to advance, we can expect more AI-powered, blockchain-secured, and cloud-based banking services to emerge, further transforming the financial sector in Pakistan.