CDC And EClear Introduce New Raast Payment Solutions For Capital Market
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✧ GENERATE BRIEFING
The Central Depository Company of Pakistan Limited (CDC) and EClear Services Limited announced an expanded partnership on Monday, October 26, 2026, to deploy new instant digital payment and investor verification solutions for Pakistan's capital market using the State Bank of Pakistan's (SBP) Raast instant payment network.Key technical implementations, operational benefits, and institutional milestones include:First-in-Market Raast Facilities: CDC becomes the first capital market institution to introduce Raast Person-to-Merchant (P2M) payment channels and Raast IBAN-CNIC Validation services to verify investor identity by cross-referencing bank IBANs with Computerized National Identity Cards (CNICs).EClear First Adopter Status: EClear Services becomes the first clearing entity in Pakistan’s stock market to adopt Raast P2M Request to Pay Later (RTPL) and Dynamic QR Code services.Automated Broker Margin Calls: The integration powers a specialized application enabling Trading-Only (TO) brokers connected to EClear to automate debit and margin call collection workflows, eliminating manual payment requests and settlement delays.
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 across Pakistan’s capital market through the State Bank of Pakistan’s (SBP) Raast payment system.
The initiative builds on CDC’s existing Raast Person-to-Person (P2P) transfer mechanism and static QR code services, according to an official statement issued on Monday, October 26, 2026.
Digital Innovations Under the Raast Aggregator Framework
Under the expanded framework, CDC has introduced Raast Person-to-Merchant (P2M) payment capabilities and Raast-based IBAN-CNIC validation services to the capital market, becoming the first institution in the sector to offer these facilities.
| Digital Service / Facility | Institutional Lead / Adopter | Operational Use Case & Capital Market Benefit |
| Raast P2M Payments | CDC (Aggregator) | Enables direct merchant and settlement transfers via instant rails |
| IBAN-CNIC Validation | CDC (Aggregator) | Verifies investor identity by matching bank account IBANs with CNICs |
| Request to Pay Later (RTPL) | EClear Services (First Adopter) | Initiates automated digital collection requests for margin calls |
| Dynamic QR Codes | EClear Services (First Adopter) | Generates transaction-specific QR codes for precise broker payments |
EClear Services is set to become the first entity in Pakistan’s stock market to implement Raast P2M Request to Pay Later (RTPL) and dynamic QR code payment services.
Automation of Stockbroker Margin Calls and Collections
The primary operational application of EClear’s RTPL integration is an automated collection feature designed for Trading-Only (TO) brokers connected to EClear’s clearing and settlement platform.
When a stockbroker issues a debit or margin call—requiring investors to deposit additional collateral to back open equity positions—the system automatically pushes a Request to Pay Later notification or dynamic QR code directly to the investor’s banking app. This automated procedure offers a streamlined, instant alternative to conventional manual bank transfers and physical cheque deposits.
CDC’s Leadership in Capital Market Digitization
CDC Chief Executive Officer Badiuddin Akber highlighted that CDC was the pioneer capital market institution to integrate with the SBP’s Raast network, initially launching the bulk payment framework for its electronic dividend (eDividend) platform in 2021.
Through its Raast Aggregator framework, CDC is scaling digital infrastructure across the capital market ecosystem, enabling stockbrokers, asset management companies (AMCs), and insurance providers to execute instant, low-cost financial transactions and identity checks.
