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KARACHI: The State Bank of Pakistan (SBP) has issued the Raast Participation Criteria to enable various entities to join the Raast instant payment system, as per a circular released today.
Designed to facilitate instant, secure, and efficient fund transfers, Raast supports multiple use cases, including bulk payments, person-to-person transactions, and person-to-merchant payments.
The newly established criteria define participant categories and set minimum requirements for each. Entities can access Raast under four participation models:
- Direct Settlement Participants
- Direct Non-Settlement Participants
- Payment Initiation Service Providers
- Indirect Participants
These guidelines apply to both existing and future participants and have been introduced under the authority of the Payment Systems and Electronic Fund Transfers Act 2007.
The new criteria take effect immediately, ensuring broader participation and enhancing the digital payments landscape in Pakistan.
