The State Bank of Pakistan (SBP) has released the Raast Participation Criteria, setting minimum requirements for entities interested in joining the Raast platform. These criteria ensure that participants possess the necessary functional and technical capabilities to offer digital payment services through Raast.
Launched in 2021, Raast is an advanced instant payment system designed to enable quick, secure, and efficient fund transfers across Pakistan. The system supports bulk payments, person-to-person (P2P) transfers, person-to-merchant (P2M) transactions, and payment initiation services. Since its inception, 44 entities, including SBP-regulated and government organizations, have been onboarded as participants.
To further drive the adoption of Raast and accelerate the digitization of the economy, the new Raast Participation Criteria aim to expand accessibility, promote digital payments, and foster innovation and competition in the financial sector.
Who Can Participate in Raast?
The following entities are eligible to apply for Raast participation:
- Banks and Microfinance Banks (MFBs)
- Non-bank financial institutions and Financial Market Infrastructures (FMIs) regulated by SBP or SECP
- Federal and provincial government bodies, agencies, and autonomous organizations
- Public Sector Entities (PSEs)
- Corporations and private sector entities, including SMEs
- Business platforms, payment aggregators, educational institutions, incubators, fintech firms, and other service providers
Entities currently in the licensing process with SBP and holding valid in-principle approval may also apply.
Participant Categories
Raast participants are classified into four categories:
- Direct Settlement Participants (DSPs)
- Direct Non-Settlement Participants (DNSPs)
- Payment Initiation Service Providers (PISPs)
- Indirect Participants (IPs)
Onboarding Process
Entities interested in joining Raast as DSPs, DNSPs, or PISPs must submit applications to SBP at Raast@sbp.org.pk.
Those wishing to become Indirect Participants should coordinate with registered DSPs or DNSPs.
Upon receiving an application, SBP will request the signing of a Non-Disclosure Agreement (NDA). Once the NDA is signed, the applicant will receive the Integration Specifications Package and be assigned a Relationship Officer for guidance.
The applicant must review the specifications and sign the Participant Agreement within 10 working days.
Following this, the applicant must:
Submit a detailed integration project plan with timelines.
Complete technical integration and provide a final report to SBP.
Once SBP is satisfied with the integration process, conditional approval will be granted for a pilot phase. Upon successful completion, the participant will receive approval for commercial operations. If the applicant fails to meet SBP’s requirements at any stage, SBP reserves the right to terminate the process.
It is important to note that onboarding an unregulated entity onto Raast does not imply SBP’s regulatory oversight of that entity.
Encouraging Digital Payment Growth
With the introduction of the Raast Participation Criteria, SBP aims to simplify the onboarding process for potential participants, significantly increase the number of entities using Raast, and boost digital payment adoption. This initiative is expected to encourage greater innovation and competition within the financial services market.