The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited are expanding their collaboration to introduce new digital payment and investor verification services in Pakistan’s capital market through the State Bank of Pakistan’s Raast system.
The initiative will enable EClear to become the first institution in Pakistan’s stock market to adopt Raast Person-to-Merchant (P2M) Request to Pay Later and Dynamic QR Code payment services.
The solutions aim to simplify payment collection and offer new ways to manage transactions across brokerage operations.
The collaboration builds on CDC’s existing Raast Person-to-Person transfers and Static QR Code services, which allow customers of capital market entities to transfer funds for trading, investment, and other purposes.
CDC has also introduced Raast-based IBAN-CNIC validation services for the sector.
The new payment features could help automate debit and margin calls by brokers connected to EClear, reducing manual intervention and streamlining payment collection processes.
CDC Chief Executive Officer Badiuddin Akber said the company was the first capital market institution to connect with Raast, implementing bulk payments for its eDividend initiative in 2021.
He added that CDC had continued to introduce Raast-based solutions for mutual fund companies, stockbrokers, and insurance companies.
Through its Raast Aggregator framework, CDC aims to expand digital payment capabilities across Pakistan’s capital market and improve financial processes for investors and market participants.
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