SBP, CGAP sign MoU for digitizing govt payments

Staff Reporter

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.

Previous articleRazak expresses reservation on rising price of cotton yarn
Next articleICCI urges govt to reconsider amendments in NEPRA Act