The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited are expanding their collaboration to introduce advanced digital payment and investor verification services under CDC’s Raast Aggregator framework.
The collaboration builds on the successful implementation of Raast Person-to-Person (P2P) and Static QR Code services by CDC, read a statement on Monday.
Building on the successful implementation of the P2P mechanism, CDC has now taken another pioneering step by becoming the first institution to extend Raast Person-to-Merchant (P2M) payment solutions and Raast-based IBAN-CNIC Validation services to Pakistan’s capital market.
According to the release, 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.
These solutions include an application which automates debit and margin calls by EClear’s connected TO brokers, offering a more streamlined alternative to conventional payment collection processes.
Speaking on the occasion, Badiuddin Akber, Chief Executive Officer, 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, read the statement.
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