Karachi, February 22, 2025 – The State Bank of Pakistan (SBP) has officially released the criteria for participation in Raast, the country’s instant payment system designed to facilitate secure and efficient digital fund transfers.
Raast supports various transaction types, including bulk payments, person-to-person (P2P) transfers, and person-to-merchant (P2M) transactions, enabling a seamless payment experience across different sectors.
To streamline the onboarding process for entities interested in joining Raast, SBP has introduced the Raast Participation Criteria, setting forth the requirements for different participant categories. The new framework applies to both existing and prospective participants of Raast, ensuring compliance with standard regulations and security protocols.
Issued under the Payment Systems and Electronic Fund Transfers Act 2007, the Raast Participation Criteria become effective immediately. The participation guidelines specify various categories of participants and establish minimum standards for eligibility. This initiative is part of SBP’s broader strategy to enhance the accessibility and usability of Raast for financial inclusion and digital economic growth.
Built on the ISO 20022 standard, Raast ensures secure, real-time digital transactions for individuals, businesses, and government institutions. With features such as bulk disbursements, P2P and P2M payments, and Payment Initiation Services (PIS), Raast aims to drive financial innovation, increase competition in the payments market, and promote a cashless economy.
Enhancing Digital Transactions with Raast
The introduction of the Raast Participation Criteria is expected to accelerate the adoption of digital payments, making transactions more efficient and inclusive. The initiative aims to empower banks, non-banking financial institutions, fintechs, and corporate entities by providing seamless access to Raast, thereby fostering a digitally-driven economy.
Eligibility for Raast Participation
Entities eligible to apply for Raast participation include:
• Banks and Microfinance Banks (MFBs)
• Non-bank financial institutions regulated by SBP or SECP
• Federal and provincial government agencies and autonomous bodies
• Public Sector Enterprises (PSEs)
• Corporates, SMEs, and other private sector entities
• Business platforms, payment aggregators, educational institutions, fintech startups, and incubators
Entities under the licensing process with SBP holding valid in-principle approval can also apply for Raast participation.
Categories of Raast Participants
Access to Raast is categorized into four distinct groups:
1. Direct Settlement Participants
2. Direct Non-Settlement Participants
3. Payment Initiation Service Providers
4. Indirect Participants
By establishing clear participation guidelines, SBP is reinforcing the role of Raast in modernizing Pakistan’s payment infrastructure and supporting the country’s transition to a digitally-driven economy.