National Savings integrates with SBP’s Raast

  • Customers of CDNS can receive their payments directly into their bank accounts without going to branches, says central bank
23 May, 2022

The State Bank of Pakistan (SBP) announced the successful integration of the Central Directorate of National Savings (CDNS) with its instant payment system 'Raast'.

Taking to Twitter, the central bank said that it is "pleased to announce the successful integration of CDNS with Raast".

“Now customers of CDNS can receive their payments directly into their bank accounts without going to branches,” said SBP.

“Through this integration with Raast, customers receive their payments in bank accounts in a free, fast and secure way,” said the central bank adding that the development will make life easier for those interested in saving schemes,.

The CDNS is the first government entity on-boarded on Raast that will greatly extend SBP’s efforts to digitise payments in Pakistan, the central bank said.

Last week, the SBP announced that over 10 million customers have registered to use its instant payment system 'Raast', launched in February.

“Another milestone achieved by SBP in the journey of digitization, as the number of Raast IDs registration crosses 10 million mark since its launch,” said the SBP in a tweet, adding that the aggregated value of Person to Person (P2P) transactions using the Raast system by customers has crossed Rs36 billion.

Back in February, the SBP launched Raast to offer instant and free P2P payment services with the objective of promoting digital financial services and financial inclusion. Through Raast, bank customers can send and receive funds in their accounts using their bank’s mobile app, internet banking or over-the-counter services.

Banks also allow customers to create a Raast ID by linking their preferred International Bank Account Number (IBAN) with their registered mobile phone number. Users can then share their Raast ID with others to receive funds in their account. Bank customers can use Raast for sending or receiving funds using their IBANs even if they do not have a Raast ID.

The service was developed in collaboration with Karandaaz Pakistan, a not-for-profit company promoting access to finance for SMEs and financial inclusion for individuals.

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