Pakistan Stock Market Introduces Raast P2M Payment Integration

The Central Depository Company and EClear Services are expanding their partnership to bring Raast P2M payments and investor verification to Pakistan's capital market.

NationPulse Desk

Oct 26, 2026 · 9:04 PM 3 min read

Key takeaways

The Central Depository Company and EClear Services announced their expanded partnership on October 26, 2026.

Central Depository Company is the first institution to extend Raast Person-to-Merchant and IBAN-CNIC validation to the capital market.

EClear Services is adopting Raast Person-to-Merchant Request to Pay Later and Dynamic QR Code use cases.

The new infrastructure automates debit and margin calls for Trading Only brokers connected to EClear.

CDC and EClear Expand Digital Payments

The Central Depository Company of Pakistan and EClear Services Limited announced on October 26, 2026, an expansion of their partnership to integrate advanced digital payments and verification tools into the capital market using the Raast Aggregator framework. This development addresses the traditional reliance of stockbrokers and investors on slow, manual transaction methods.

Central Depository Company has become the first institution to offer Raast Person-to-Merchant solutions alongside Raast-based IBAN-CNIC validation in the capital market. This development expands upon existing capabilities, which already feature Person-to-Person and Static QR Code transfers for trading and investment activities.

EClear Services is adopting Raast Person-to-Merchant Request to Pay Later and Dynamic QR Code capabilities. Connected brokers will transmit digital payment requests to clients and gather funds through instant QR channels rather than relying on phone calls or manual bank transfers.

Benefits for Brokers and Investors

One primary application automates debit and margin calls by Trading Only brokers linked with EClear, presenting an alternative to standard collection methods. Margin calls on the Pakistan Stock Exchange require fast capital transfers, and these tools enable brokers to dispatch digital requests directly to investor banking applications for immediate settlement.

Dynamic QR codes establish another payment pathway, while IBAN-CNIC Validation verifies investor identities. By linking a bank account number to a national identity card number, brokerage firms can confirm that payers match registered investors, lowering fraud risks and easing compliance.

Operation of the Raast Aggregator Framework

Central Depository Company functions as an intermediary between the State Bank of Pakistan Raast system and the capital market, allowing institutions to connect to the national instant payment rail through a single bridge. The aggregator framework expands digital tools for market participants, including mutual funds, stockbrokers, and insurance companies, by introducing Person-to-Merchant and Request to Pay Later functions previously restricted to retail merchants.

Digital Evolution Since 2021

Central Depository Company previously connected with the State Bank of Pakistan Raast system in 2021 to implement bulk payments for its eDividend initiative, replacing cheque-based distributions. The progression from eDividends to Person-to-Merchant payments and dynamic QR codes illustrates the capital market shift toward digital infrastructure within the Pakistan Stock Exchange ecosystem.

Understanding Raast Person-to-Merchant Payments

Raast is the State Bank of Pakistan instant payment network, providing real-time account transfers without cost to end users. While Person-to-Person transfers launched initially, Person-to-Merchant integration allows customers to pay businesses instantly via QR codes or links, bridging everyday digital payments with formal investment infrastructure.

Frequently Asked Questions

What is Raast P2M and how does it work in the stock market?

Raast Person-to-Merchant is an instant payment layer from the State Bank of Pakistan enabling real-time business payments through QR codes or payment links. The Central Depository Company aggregator framework lets brokers send payment requests to investors for instant collection, eliminating manual bank transfers.

What is Raast P2M Request to Pay Later (RTPL)?

Request to Pay Later is a feature within the system allowing brokers to transmit payment requests that investors approve and complete via banking applications at scheduled times, automating margin calls and debit notices.

What is IBAN-CNIC validation and why does a broker need it?

IBAN-CNIC validation checks if a bank account matches a specific national identity card number. Brokers use this to verify investor identity before processing funds, cutting fraud and supporting regulatory compliance.

Which institution is first to use these services in Pakistan's stock market?

EClear is the first institution in the stock market to adopt Request to Pay Later and dynamic QR code services, supported by the Central Depository Company Raast framework.

Questions and answers

What is Raast P2M and how does it work in the stock market?

Raast Person-to-Merchant is an instant payment layer that lets customers pay businesses in real time through QR codes or payment links. In the stock market, Central Depository Company allows brokers to send payment requests to investors for instant collection.

What is Raast P2M Request to Pay Later (RTPL)?

RTPL is a feature letting a broker send a payment request to an investor, who can then approve and complete the payment from their banking app at a set time for automating margin calls.

What is IBAN-CNIC validation and why does a broker need it?

IBAN-CNIC validation checks whether a bank account belongs to the person holding a specific national identity card number, helping brokers verify investor identity to reduce fraud and ease compliance.