SBP, CGAP sign MoU for digitizing govt payments

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Staff Reporter
Islamabad

State Bank of Pakistan (SBP) and the Controller General of Accounts Pakistan (CGAP) Monday signed a Memorandum of Understanding (MoU) for digitizing federal government payments through RAAST- Pakistan’s First Instant Payment System, launched in January 2021 by SBP.

Raast is a flagship initiative of SBP, which provides simple, fast, low-cost, interoperable and secure electronic payment platform for instant processing of high volume retail payments, said a press release issued here.

Raast also has the ability to make payments to multiple beneficiaries at a time in order to cater high volume government payments like salaries, pension and social security payments.

In the pilot phase, the salaries and pensions of a group of Federal Government employees will be paid through Raast.

The payroll and pension-roll data will be shared from CGA system to SBP’s Raast through a highly secured interface, and payments to the beneficiaries’ accounts will be made instantly after validating the beneficiaries’ detail.

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