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Central Depository Company (CDC) and EClear Services are expanding Raast-based payment and investor verification solutions in Pakistan’s capital market, introducing merchant payments, dynamic QR codes and automated payment requests to streamline brokerage operations.
The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited are expanding their collaboration to advance digital payments and investor verification across Pakistan’s capital market through the State Bank of Pakistan’s Raast infrastructure.
The expanded partnership builds on CDC’s existing Raast Person-to-Person (P2P) payment mechanism and Static QR Code services, which enable customers of capital market institutions to transfer funds for trading, investments and other purposes.
According to Business Recorder, 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. These additions aim to make payments more convenient while strengthening investor verification processes.
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. The services will provide additional ways for investors and brokerage clients to initiate and complete payments.
One key application will automate debit and margin calls for trading-only brokers connected to EClear. This could reduce reliance on conventional payment collection methods, minimise manual intervention and improve operational efficiency for participating brokers.
A separate report by PhoneWorld highlighted the potential of these solutions to simplify payment workflows and improve the digital experience for investors and market participants.
Speaking about the initiative, CDC Chief Executive Officer Badiuddin Akber said: “Our expanded collaboration with EClear Services further reinforces our commitment to driving digital innovation and efficiency across Pakistan’s capital market.”
CDC first connected to the State Bank of Pakistan’s Raast system in 2021, implementing bulk payments for its eDividend initiative. Since then, the company has continued expanding Raast-based services for mutual fund companies, stockbrokers and insurance companies.
The latest expansion reflects the broader adoption of digital financial infrastructure in Pakistan. By combining payment functionality with investor verification, the partnership aims to make capital market transactions more efficient and accessible.
Raast P2M supports payment methods such as Request to Pay Later and dynamic QR codes, while IBAN-CNIC validation can help confirm the relationship between banking details and an investor’s identity.
As the services are adopted by more market participants, they could help streamline brokerage operations, improve payment collection and support a more connected investment ecosystem. The collaboration also aligns with wider efforts to encourage digital payments and modernise Pakistan’s financial services.
