State Bank of Pakistan (SBP) is expanding the reach of its Real-time Automated Clearing System (RAAST) payment system to include provincial chapters of Accountant Generals in Punjab, Baluchistan, and Gilgit-Baltistan.
Following the successful deployment of RAAST at the federal Accountant General Pakistan Revenues (AGPR), the SBP has onboarded AGPR for bulk payments like payrolls, vendor payments, general provident funds, and advances. AGPR processed over 850,000 transactions worth Rs. 100 billion in FY24.
The Central Directorate of National Savings (CDNS) has also been integrated with RAAST for processing coupon payments and encashment services. CDNS processed 72,000 transactions worth Rs. 26 billion during FY24.
SBP is also considering onboarding the Benazir Income Support Program (BISP) for payment disbursements through RAAST. Additionally, projects are underway to integrate the Federal Board of Revenue (FBR) for duty drawback and the Controller Naval Accounts for salary and pension disbursements.
RAAST has processed a total of 496.1 million transactions worth Rs. 11,558.3 billion in FY24, compared to 147.2 million transactions worth Rs. 3,074.4 billion in FY23.
RAAST, an instant payment system based on ISO-20022, offers person-to-person (P2P) fund transfers, person-to-merchant (P2M) payments, and other digital payment services. The SBP’s efforts to expand RAAST’s reach are aimed at accelerating the digitization of the Pakistani economy.
