Capital market: CDC, EClear expand Raast digital payment services

KARACHI: The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited are expanding their collaboration to introduce additional digital payment and investor verification services in Pakistan’s capital market through CDC’s Raast Aggregator framework.

Under the expanded collaboration, EClear Services will become the first institution in Pakistan’s stock market to adopt Raast Person-to-Merchant (P2M) Request to Pay Later (RTPL) and Dynamic QR Code payment solutions, according to a joint announcement.

The initiative follows CDC’s implementation of Raast Person-to-Person (P2P) payments and Static QR Code services, which allow customers of capital market entities to transfer funds for trading, investment and other purposes. CDC has also become the first institution to extend Raast P2M payment solutions and Raast-based IBAN-CNIC validation services to Pakistan’s capital market.

The new payment options are intended to provide additional ways to initiate, manage and collect payments across brokerage operations. One potential application is the automation of debit and margin calls by trading-only (TO) brokers connected to EClear Services, providing an alternative to conventional payment collection processes.

The companies said integrating digital payments and verification services could improve payment collection workflows, reduce manual intervention and make transactions more convenient for investors and capital market participants.

Badiuddin Akber, chief executive officer of CDC, said the company was the first capital market institution to connect with the State Bank of Pakistan’s Raast system. He said CDC implemented Raast’s bulk payments mechanism for its eDividend initiative in 2021 and had since continued adopting payment solutions under the framework.

Akber said CDC had extended the benefits of Raast to mutual fund companies, stockbrokers and insurance companies, adding that the expanded collaboration with EClear Services reinforced its commitment to digital innovation and operational efficiency across the capital market.

Through its Raast Aggregator framework, CDC aims to expand access to digital payment services by enabling capital market participants to integrate solutions built on the State Bank of Pakistan’s Raast infrastructure. The collaboration is intended to support more connected payment processes and a digitally enabled investment ecosystem.

Copyright Business Recorder, 2026