CDC and EClear expand Raast-based payment and verification services

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 in Pakistan's capital market. The services will operate under CDC's Raast Aggregator framework, according to a statement issued on Monday, October 26.

The collaboration builds on CDC's earlier rollout of Raast Person-to-Person (P2P) and Static QR Code services. These allow customers of capital market entities to transfer funds for trading, investment or other purposes.

Building on the P2P mechanism, CDC has now become the first institution to extend Raast Person-to-Merchant (P2M) payment solutions and Raast-based IBAN-CNIC validation services to the capital market, the reports said.

EClear Services is set to become the first institution in the stock market to adopt Raast P2M Request to Pay Later (RTPL) and Dynamic QR Code use cases. These are meant to make it easier to initiate, manage and collect payments, with possible uses across a range of broker operations.

One such use is the automation of debit and margin calls by EClear's connected TO brokers. This is described as a more streamlined alternative to conventional payment collection processes.

The statement said that integrating digital payments and verification services can bring operational benefits for market participants. Institutions adopting them can improve payment collection workflows, reduce manual intervention and offer investors a smoother experience.

CDC Chief Executive Officer Badiuddin Akber said CDC was the first capital market institution to connect with the State Bank of Pakistan's Raast system. In 2021 it implemented the first Raast use case of a bulk payments mechanism for its eDividend initiative. He said CDC has since continued to adopt newer payment solutions under Raast and extend them to participants including mutual fund companies, stockbrokers and insurance companies.

Akber said the expanded collaboration with EClear Services reinforces CDC's commitment to digital innovation and efficiency in the capital market. CDC says its Raast Aggregator framework uses the State Bank of Pakistan's Raast infrastructure to offer payment solutions and streamlined financial processes to market participants.