Abstract:
This study looks at the best banking (financial) networks and their implementation in the local and foreign banks based in Islamabad. The use of Financial Networks is becoming a necessity for the banks, it is important to analyze the role of these networks in the performance of the banks. The networks used by the banks are for different purposes and are different at different levels. There are specific Networks for International messaging and funds transfers, e.g. SWIFT is a internationally used network. The same is the case at the national level, e.g. NIFT in Pakistan and CHAPS in England . These networks provide a good service for the bank 's customers and also improve the performance of the banks. The researcher had identified eight banks for the study and identified problems and hypothesis for the testing of the study. The researcher collected data with the help of a questionnaire and visited libraries to collect secondary data supporting the study. The information gathered from the banks and the data collected from the libraries help in proving the hypothesis and concluding the study. The researcher gathered information on the payment systems and the latest payment systems. The findings of the questionnaire lead to the conclusion that the Financial Networks are essential for the effective and efficient working of banks. The networks make the transactions secure and are equally suitable for use in Pakistani environment as compared to their use in global arena. I The researcher made recommendations based on the problems faced by the banks. The recommendations present a future line of action upon this study if some Organization / Bank wants to do so.
