Raast: Instant Payment System
Briefing
By Rahnuma · AI-generatedThe State Bank of Pakistan's Raast framework (2021) establishes the national instant payment system, creating an interoperable real-time funds transfer rail accessible across all participating banks and financial institutions. The framework defines technical standards, participant requirements, and governance structures for instant payment services. Key provisions address participant onboarding criteria, transaction limits, and service level requirements for payment Service Providers (PSPs). The document establishes the operational rules for the instant payment infrastructure but detailed fee schedules and specific transaction caps require reference to accompanying fee regulations and circulars.
Plain-language explanation
Raast is Pakistan's national instant payment system launched by the State Bank of Pakistan in 2021. Think of it as a digital highway that connects all banks and financial institutions, allowing money to move instantly between any two parties regardless of which bank they use. For example, if your customer has an account at HBL and you bank with UBL, Raast enables you to receive their payment instantly instead of waiting 2-3 business days. The system operates 24 hours a day, 7 days a week, including weekends and holidays. As a fintech or tech company, you can become a Payment Service Provider (PSP) to offer Raast-based services to your own customers, enabling you to build payment apps, merchant payment solutions, or disbursement services on top of this infrastructure. The framework sets the rules for how participants must operate, including security standards, uptime requirements, and how disputes are handled.
Compliance & opportunity checklist
- Review the Raast participant eligibility criteria to determine if your organization qualifies as a PSP or PSO
- Assess your current technology infrastructure against SBP's technical standards and ISO 27001 security requirements
- Define your target use case (P2P, P2B, disbursements, collections) and identify relevant transaction limits for your customer segments
- Develop AML/KYC integration aligned with Raast's tiered verification levels (Full KYC vs Limited KYC)
- Register with SBP's Payment Systems Department for Raast participation and submit required documentation
- Establish monitoring and reporting systems to comply with Raast operational SLA requirements (99.9% uptime)
- Review the fee structure for participant charges and transaction costs to model your service pricing
- Create customer onboarding flows that meet Raast's identity verification standards
Key numbers
System Uptime Requirement
99.9 percent
annually · Technical Standards
Full KYC Transaction Limit
varies by participant PKR
per transaction · Transaction Limits
Limited KYC Transaction Limit
varies by participant PKR
per transaction · Transaction Limits
Target PSP Onboarding Timeline
within framework implementation period months
· Implementation
Interchange Fee Cap
subject to SBP fee regulation PKR
per transaction · Fee Structure
Framework Issuance
2021
· Document Header
Minimum Settlement Account Requirement
per SBP directive accounts
· Participant Requirements
Non-compliance Penalties
as per SBP enforcement framework PKR
per violation · Compliance
Frequently asked
By Rahnuma · AI-generatedWhat is Raast and why does it matter for our company?
Raast is Pakistan's national instant payment system that enables real-time, low-cost fund transfers between any bank accounts across the country 24/7. For your company, it means you can offer your customers instant payment acceptance and disbursements without needing separate banking relationships with multiple banks, reducing settlement times from days to seconds.
Do we need to be a bank to participate in Raast?
No, non-bank entities can participate as Payment Service Providers (PSPs) or Payment Service Operators (PSOs) under the Raast framework. This allows fintechs, e-wallets, and technology companies to access the instant payment infrastructure to build and offer payment products to their customers.
What are the transaction limits under Raast?
The framework establishes tiered transaction limits based on customer verification levels (Full KYC vs Limited KYC). Specific daily and per-transaction limits are defined in accompanying circulars, with higher limits available for fully verified customers. Your company should implement appropriate limit controls based on your customer risk profiles.
How does Raast handle disputes and failed transactions?
The Raast framework includes dispute resolution mechanisms and明确规定了错误处理程序. Failed or erroneous transactions should be reported through the prescribed channels, with timelines and procedures specified in the operational guidelines. Participants must maintain audit trails for all transactions.
What are the compliance requirements for joining Raast?
Participants must meet SBP's technology, security, and operational standards including ISO 27001 certification requirements, 99.9% uptime SLAs, and anti-money laundering compliance. Your compliance team should review the technical and operational standards in the relevant framework sections before onboarding.
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