Reinforcing their commitment to digital innovation and operational excellence in Pakistan’s capital market, 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, which enables customers of capital market entities to conveniently transfer funds for trading, investment or any other purpose. 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.
Demonstrating its commitment to embracing next-generation financial technology, 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 will introduce more convenient and efficient ways to initiate, manage, and collect payments, with potential applications across a range of broker operations. One such application is the automation of debit and margin calls by EClear’s connected TO brokers, offering a more streamlined alternative to conventional payment collection processes.
This initiative highlights how the integration of digital payments and verification services can translate into tangible operational benefits for capital market participants. By adopting these capabilities, institutions can improve payment collection workflows, reduce manual intervention, and deliver a more seamless experience for investors.
Speaking on the occasion, Mr. 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 bulk payments mechanism for its eDividend initiative in 2021. Since then, we have continued to adopt the latest payment solutions under the Raast framework and extend their benefits to capital market participants, including mutual fund companies, stockbrokers, and insurance companies. 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. By enabling market participants to access and integrate these services, CDC is helping create the foundation for a more connected, efficient, and digitally enabled investment ecosystem.
