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

The initiative will introduce new payment and investor verification services under CDC’s Raast Aggregator framework. It aims to improve payment collection, reduce manual processes and make transactions more convenient for investors.

The collaboration builds on CDC’s existing Raast Person-to-Person (P2P) and Static QR Code services. These solutions allow customers of capital market institutions to transfer funds for trading, investments and other purposes.

CDC has also extended Raast Person-to-Merchant (P2M) payments and Raast-based IBAN-CNIC validation services to the capital market. According to the announcement, CDC is the first institution in the sector to offer these services.

EClear to Adopt New Raast Payment Features

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 solutions.

These features will provide new ways to initiate, manage and collect payments. They could also support several brokerage operations.

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One key application involves automating debit and margin calls for brokers connected to EClear. This could offer a more efficient alternative to conventional payment collection methods.

The integration is expected to reduce manual intervention and improve payment workflows. It could also help market participants deliver a smoother experience for investors.

CDC Highlights Commitment to Digital Innovation

Badiuddin Akber, Chief Executive Officer of CDC, said the company had continued to introduce digital payment solutions for Pakistan’s 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. Since then, we have 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,” Akber said.

CDC introduced Raast bulk payments for its eDividend initiative in 2021. Since then, it has continued to expand digital payment services for capital market participants.

Building a More Connected Investment Ecosystem

CDC’s Raast Aggregator framework uses the State Bank of Pakistan’s Raast infrastructure to support digital payments and financial processes.

The framework enables market participants to integrate payment services into their operations. It also supports efforts to improve efficiency across the investment ecosystem.

Through its expanded collaboration with EClear Services, CDC aims to broaden access to digital payment solutions. The initiative is expected to support more connected and efficient operations across Pakistan’s capital market.