February 21, 2025 (MLN): The State Bank of Pakistan (SBP) has issued the Raast Participation Criteria to facilitate the incorporation of various entities as participants in the Raast instant payment system, according to the Circular issued by the Central Bank today.
This system supports the instant, safe, and efficient transfer of funds through diverse use cases, including bulk payments, person-to-person transfers, and person-to-merchant transactions.
The newly defined criteria categorize participants and outline the minimum requirements for each category.
Access to Raast will be provided under four categories of participants:
Direct Settlement Participants
Direct Non-Settlement Participants
Payment Initiation Service Providers
Indirect Participants
These criteria apply to all existing and future participants of Raast, and they were issued under the powers granted to SBP by the Payment Systems and Electronic Fund Transfers Act 2007.
The criteria shall become applicable with immediate effect.
