ISLAMABAD: Khushhali Microfinance Bank (KMBL) is pleased to announce it’s joining the State Bank of Pakistan’s (SBP) Raast Instant Digital Payment system. Under this collaboration, Khushhali Microfinance Bank will enable end-to-end digital transactions for government payments.
This is another step towards the digitalization of the bank’s financial structure. Raast is an instant payment mechanism that permits end-to-end digital payments among general public, businesses, and government entities. Under this partnership, Khushhali Microfinance Bank can process bulk government payments instantly, including salaries and pensions, dividend disbursements, mutual fund payments, Business-to-Business (B2B) batch payments, and pay-roll payments for private entities. Khushhali Microfinance Bank will receive bulk payments from various institutions, to be disbursed to recipients via Raast’s digital platform.
Commenting on the momentous occasion, Khushhali Microfinance Bank CEO Ghalib Nishtar said, “We are proud to have taken this digital leap. This collaboration with Raast would mean real-time digital payments for Khushhali Microfinance Bank, increased interoperability, seamless connectivity between KMBL and other businesses, cutting-edge technology implementation, low transaction costs, and increased financial security and reliability.” —PR
Copyright Business Recorder, 2021
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