Key Takeaways
- CDC and EClear Services are expanding their collaboration to introduce advanced digital payment services.
- Raast Person-to-Merchant (P2M) and IBAN-CNIC Validation services are now available.
- EClear Services will be the first institution in Pakistan’s stock market to adopt these new solutions.
The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited have announced an expanded collaboration to introduce advanced digital payment and investor verification services under CDC’s Raast Aggregator framework.
Building on the successful implementation of the Person-to-Person (P2P) mechanism, CDC has now taken another pioneering step by extending Raast Person-to-Merchant (P2M) payment solutions and Raast-based IBAN-CNIC Validation services to Pakistan’s capital market.
According to a statement, EClear Services is set to become the first institution in Pakistan’s stock market to adopt Raast P2M Request to Pay Later (RTPL) and Dynamic QR Code use cases, which include an application that automates debit and margin calls by EClear’s connected TO brokers.
Speaking on the occasion, Badiuddin Akber, CEO of CDC, stated, 'CDC was the first capital market institution to connect with the State Bank of Pakistan’s Raast system, successfully implementing RAAST 1st use case of the bulk payments mechanism for its eDividend initiative in 2021. Our expanded collaboration with EClear Services further reinforces our commitment to driving digital innovation and efficiency across Pakistan’s capital market.'
Through its Raast Aggregator framework, CDC continues to expand the digital capabilities available to Pakistan’s capital market, leveraging the State Bank of Pakistan’s Raast infrastructure to facilitate innovative payment solutions and streamlined financial processes.
These new services are expected to offer a more streamlined alternative to conventional payment collection processes, enhancing the efficiency and accessibility of financial transactions in the country.
The collaboration between CDC and EClear Services is a significant step towards advancing digital payments in Pakistan, aligning with the broader goals of financial inclusion and digital transformation in the capital market sector.
The introduction of these new solutions is part of a larger initiative to modernize financial services in Pakistan, making them more accessible and efficient for both individuals and businesses.
CDC was the first capital market institution to connect with the State Bank of Pakistan’s Raast system, successfully implementing RAAST 1st use case of the bulk payments mechanism for its eDividend initiative in 2021.
Badiuddin Akber, Chief Executive Officer, CDC
