CDC and EClear Services Expand Raast Digital Payments in Pakistan’s Capital Market

The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited are expanding their collaboration to advance digital payments and investor verification across Pakistan’s capital market.

The initiative will introduce additional payment solutions under CDC’s Raast Aggregator framework. It aims to improve payment collection, simplify financial processes and enhance convenience for investors and market participants.

New Raast Services for Capital Market Participants

CDC has already implemented Raast Person-to-Person (P2P) payments and Static QR Code services. These solutions allow customers of capital market entities to transfer funds for trading, investment and other purposes.

Building on this progress, CDC has introduced Raast Person-to-Merchant (P2M) payments and Raast-based IBAN-CNIC validation services for the capital market. According to the announcement, CDC is the first institution to extend these services to the sector.

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Meanwhile, EClear Services plans to become the first institution in Pakistan’s stock market to adopt Raast P2M Request to Pay Later (RTPL) and Dynamic QR Code solutions.

Improving Payment Collection and Efficiency

The new services will provide additional ways to initiate, manage and collect payments. They could also support various brokerage operations.

One potential application involves automating debit and margin calls for trading-only (TO) brokers connected to EClear Services. This approach could offer a more streamlined alternative to conventional payment collection methods.

Furthermore, integrating digital payments with investor verification could reduce manual work and improve operational efficiency. These capabilities may also help capital market institutions deliver a smoother experience for investors.

CDC Highlights Commitment to Digital Innovation

Badiuddin Akber, chief executive officer of CDC, highlighted the company’s ongoing efforts to expand digital payment services across the capital market.

“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,” Akber said.

He added that CDC has continued to adopt new payment solutions under the Raast framework. These services support mutual fund companies, stockbrokers and insurance companies.

According to Akber, the expanded collaboration with EClear Services reinforces CDC’s commitment to digital innovation and operational efficiency across Pakistan’s capital market.

Supporting a Connected Investment Ecosystem

Through its Raast Aggregator framework, CDC continues to expand the digital services available to market participants. The framework uses the State Bank of Pakistan’s Raast infrastructure to support innovative payment solutions and more efficient financial processes.

As more institutions adopt these capabilities, the initiative could help create a more connected and digitally enabled investment ecosystem in Pakistan.