ISLAMABAD, Oct 26 (APP):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 under CDC’s Raast Aggregator framework. The collaboration builds on CDC’s implementation of Raast Person-to-Person (P2P) and Static QR Code services, enabling customers of capital market entities to transfer funds conveniently for trading, investment and other purposes. Building on …
CDC, EClear expand collaboration to introduce digital payment services
ISLAMABAD, Oct 26 (APP):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 under CDC’s Raast Aggregator framework.
The collaboration builds on CDC’s implementation of Raast Person-to-Person (P2P) and Static QR Code services, enabling customers of capital market entities to transfer funds conveniently for trading, investment and other purposes.
Building on the P2P mechanism, CDC has become the first institution to extend Raast Person-to-Merchant (P2M) payment solutions and Raast-based IBAN-CNIC validation services to Pakistan’s capital market.
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 provide more convenient and efficient ways to initiate, manage and collect payments, with potential applications across various broker operations. One such application is the automation of debit and margin calls by EClear’s connected Trading Only (TO) brokers, offering a more streamlined alternative to conventional payment collection processes.
The initiative highlights how digital payments and verification services can improve operational efficiency for capital market participants. By adopting these services, institutions can improve payment collection workflows, reduce manual intervention and provide investors with a more seamless experience.
Speaking on the occasion, 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. It successfully implemented Raast’s first use case, a bulk payments mechanism, for its eDividend initiative in 2021.
He said CDC had 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,” he said.
Through its Raast Aggregator framework, CDC continues to expand the digital capabilities available to Pakistan’s capital market by leveraging the State Bank of Pakistan’s Raast infrastructure to facilitate innovative payment solutions and streamline financial processes.
By enabling market participants to access and integrate these services, CDC is helping lay the foundation for a more connected, efficient and digitally enabled investment ecosystem.
