The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited are expanding their collaboration to introduce additional digital payment and investor verification services for Pakistan’s capital market through CDC’s Raast Aggregator framework. The initiative builds on the existing use of Raast Person-to-Person (P2P) transfers and static QR code payments, extending the range of digital options available to investors and market intermediaries. By adding merchant payment capabilities and identity-linked verification, the collaboration aims to make selected financial transactions and payment collection processes more convenient. The development also reflects the growing role of Pakistan’s instant payment infrastructure in supporting services beyond routine transfers between individuals. CDC’s aggregator framework provides a connection between the Raast system operated by the State Bank of Pakistan and participating capital market institutions, allowing them to integrate digital payment functions into their operations.
Under the expanded arrangement, CDC has extended Raast Person-to-Merchant (P2M) payment solutions and Raast-based IBAN-CNIC validation services to Pakistan’s capital market. P2M payments allow customers to make payments to businesses or participating service providers, while IBAN-CNIC validation can help verify the association between a bank account number and a customer’s national identity number. In a capital market setting, these functions can support payment processing and investor verification workflows, helping institutions manage transactions with greater consistency. The services build on CDC’s earlier implementation of Raast P2P transfers and static QR codes. QR-based payments can offer an alternative to manually entering account details, while validation services can add a verification step to relevant processes. The precise implementation arrangements and the extent of adoption across market participants have not been disclosed, so the practical impact will depend on how participating institutions incorporate these capabilities into their customer and payment operations.
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 under the arrangement, according to the announcement. These capabilities are intended to provide additional ways to initiate and collect payments through digital channels. Dynamic QR codes can be generated for specific payment requests, potentially making it easier to associate a payment with a particular transaction or obligation than a static code. The collaboration also includes an application designed to automate debit and margin calls by EClear-connected trading-right-entitlement (TO) brokers. Debit and margin calls are important operational processes in brokerage services, where firms may need to collect outstanding amounts or funds required to meet account obligations. Automating parts of these workflows could reduce manual handling and make payment collection more organised. However, the announcement does not specify a rollout schedule, the number of brokers expected to use the application, or measurable efficiency gains.
CDC Chief Executive Officer Badiuddin Akber said the company first connected with the State Bank of Pakistan’s Raast system as a capital market institution and implemented the bulk payment mechanism for its eDividend initiative in 2021. He described the expanded collaboration with EClear as part of CDC’s continued efforts to introduce digital innovation and improve efficiency across the capital market. The latest development places Raast at the centre of additional payment and verification use cases for investors, brokers and other participating institutions. As adoption develops, digital payment options may help reduce reliance on manual collection methods and support more connected transaction processes across the investment ecosystem. The partnership also illustrates how shared payment infrastructure can be adapted to the specific requirements of securities-market operations. Further progress will depend on implementation by EClear and connected brokers, as well as how effectively these services fit into existing customer processes. The initiative adds to the use of instant digital payments within Pakistan’s financial services sector without announcing a new investment product or a change to trading rules.
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