The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited are expanding their collaboration to introduce additional digital payment and investor verification services for Pakistan’s capital market through CDC’s Raast Aggregator framework. The initiative builds on the implementation of Raast Person-to-Person payments and Static QR Code services, with new capabilities intended to simplify transactions and improve the collection of payments within the stock market ecosystem. By extending the use of the State Bank of Pakistan’s Raast infrastructure, the two institutions are working to make digital payment processes more accessible to capital market participants while supporting more efficient financial operations.
According to a statement issued on Monday, CDC has expanded its Raast-based services after implementing the earlier Person-to-Person payment mechanism. The company has introduced Raast Person-to-Merchant payment solutions and Raast-based International Bank Account Number and Computerised National Identity Card validation services for Pakistan’s capital market. The development extends Raast beyond person-to-person transfers and introduces additional applications for transactions involving businesses and the verification of investor information. CDC said its expanded services are intended to support the digital transformation of capital market processes by reducing reliance on conventional payment arrangements and improving the efficiency of financial transactions.
The collaboration also includes the adoption of new payment features by EClear Services. According to the announcement, EClear is set to become the first institution in Pakistan’s stock market to adopt Raast Person-to-Merchant Request to Pay Later and Dynamic QR Code use cases. These services are designed to provide additional options for initiating and managing payments through digital channels. The Request to Pay Later feature is intended to support payment collection workflows, while Dynamic QR Codes can facilitate payment transactions through electronically generated codes. Their introduction adds further functionality to the Raast Aggregator framework and expands the range of digital payment services available to capital market institutions.
One of the key applications under the collaboration is a system that automates debit and margin calls handled by EClear’s connected trading organisation brokers. Debit and margin calls are important elements of brokerage operations, as they involve collecting funds required to meet payment obligations or margin requirements. Automating these processes can provide a more streamlined alternative to conventional payment collection methods, which may involve additional manual steps and coordination between the parties involved. By connecting these activities with Raast-based payment options, EClear aims to improve the handling of payment requests and support more efficient interactions between its connected brokers and their clients.
Badiuddin Akber, Chief Executive Officer of CDC, said the company had been the first capital market institution to connect with the State Bank of Pakistan’s Raast system. He noted that CDC successfully implemented Raast’s first use case for bulk payments through its eDividend initiative in 2021. The initiative established an early application of the national payment infrastructure within Pakistan’s capital market, providing a foundation for subsequent digital payment services. Akber said the expanded collaboration with EClear Services further reinforced CDC’s commitment to digital innovation and operational efficiency across the market. His remarks highlighted the company’s continued efforts to extend the use of Raast to additional financial processes.
Through its Raast Aggregator framework, CDC is continuing to develop digital capabilities for Pakistan’s capital market by using the payment infrastructure established by the State Bank of Pakistan. The expanded services cover merchant payments, Dynamic QR Codes, payment requests and investor verification, while the automation of debit and margin calls introduces a practical application for brokerage operations. The partnership between CDC and EClear Services reflects the growing role of digital payment infrastructure in supporting financial market activities beyond everyday consumer transfers. As these services are adopted, their contribution will depend on how effectively participating institutions integrate them into existing processes and how widely market participants use the available digital payment options.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.