The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the National Clearing Company of Pakistan Limited (NCCPL), conducted a three-day industry training focused on IBAN authentication through Raast. The training was aimed at supporting the adoption of digital processes that can make financial services more convenient while helping industry participants move toward faster and more seamless customer onboarding.
The training focused on IBAN authentication through Raast, Pakistan’s instant payment infrastructure, providing industry participants with an opportunity to understand the process and its role in digital financial services. By supporting authentication through an established digital payment infrastructure, the initiative is intended to contribute to smoother processes for customers and financial service providers during onboarding.
Customer onboarding is an important part of accessing financial services, particularly as financial institutions and market participants increasingly adopt digital channels. The use of digital authentication can help reduce friction in the onboarding process and support more efficient verification. The training conducted by SECP and NCCPL represents an industry-level effort to build greater understanding of IBAN authentication through Raast and its potential application within financial services.
The collaboration between SECP and NCCPL also highlights the role of coordination among financial sector institutions in advancing digital processes. Training and industry engagement can help participants become familiar with new systems and procedures, allowing them to incorporate digital solutions into their existing operations. In this case, the focus remained on IBAN authentication and its use through Raast to facilitate a more streamlined onboarding experience.
The initiative forms part of broader efforts to make financial services simpler and more accessible through technology. As digital financial services continue to develop in Pakistan, authentication and verification mechanisms are becoming increasingly important for institutions seeking to improve customer journeys while maintaining structured processes. Industry training can support this transition by giving relevant stakeholders greater familiarity with the tools and procedures involved.
Through the three-day training, SECP and NCCPL brought industry participants together around the use of IBAN authentication through Raast, with the broader objective of supporting faster, easier and more seamless customer onboarding. The initiative reflects continued efforts within Pakistan’s financial sector to use digital infrastructure to improve the delivery and accessibility of financial services.
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