In a milestone for Pakistan’s capital market, the Central Depository Company (CDC) has successfully integrated the RAAST payment system into Muhammad Munir Muhammad Ahmed Khanani Securities Limited, enabling real-time investor fund transfers. This breakthrough marks a step forward in building a more responsive, transparent, and digitally empowered capital market ecosystem.
To commemorate this milestone, an agreement signing ceremony was held at CDC House on Friday, 8 August, where the agreement was formally signed by Mr. Munir Khanani, Chief Executive Officer of Munir Khanani Securities, and Mr. Abdul Samad, Chief Operating Officer CDC.
RAAST is Pakistan’s first instant payment system that enables the instantaneous movement of funds between two parties. CDC took the initiative to build connectivity with the RAAST system and extended its novel payment mechanisms to the Brokerage Industry. At the heart of this process is the role of the CDC as an Aggregator to facilitate seamless transfer of funds from the customer bank account to the Broker bank account.
To make the process even simpler for investors, the CDC Aggregator generates a one-time RAAST Investment ID that is in the format of an International Bank Account Number (IBAN) and is linked to the customer’s Sub-Account. This RAAST Investment ID can be added as a beneficiary in the customer’s banking portal.
