SBP asks banks to allow P2P transfers via Raast

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Selected banks will be able to provide in-country person-to-person (P2P) remittance transfers to their customers as the State Bank of Pakistan (SBP) issued instructions on Thursday to process such transfers through its payment system. instant payment, Raast.

According to SBP, the launch of its app will provide a convenient and hassle-free digital money transfer service as well as an efficient and enabling payment infrastructure that would pave the way for the digitalization of the economy and the promotion of digital financial services in the country.

Raast – an Urdu word which means correct and direct – offers an instant, reliable and cost-free digital payment system to people.

An explanatory video has been provided by SBP on YouTube and the SBP website which explains to the public how to make payments and transfer funds using Raast in simple terms.

As part of Raast’s P2P funds transfers and settlement services, bank customers could send and receive funds to their accounts using their bank’s mobile app, internet banking, or over-the-counter services. thank you.

To make it easier for customers, they can set their registered mobile phone number as a Raast ID and link it to their preferred International Bank Account Number (IBAN) using the bank’s mobile app, banking by Internet or by visiting their bank branch.

Once customers have set their mobile number as a Raast ID, others can send money using their mobile number without needing to know the account number or any other details.

Bank customers can still use the Raast service to send or receive funds using their IBAN even if they do not have a Raast ID or prefer to use their IBAN.

SBP has ordered all banks to make the Raast service available on at least three customer channels, including mobile apps, internet banking and branch counters. It also ordered banks to ensure that funds successfully transferred via Raast are credited to recipients’ accounts within 20 seconds of receiving the system’s credit advice.

In order to promote the use of digital financial services in the country, banks were advised not to levy any fees on Raast-related services and all transactions would be free for end customers.

To facilitate banks in this regard, SBP will also offer free Raast services to banks. In addition, to facilitate their customers, banks do not assign a minimum transaction size. Generally, banks allow maximum transaction limits of Rs 200,000 per transaction or more depending on the bank’s assessment of the customer’s risk profile.

For particular account types where the SBP has prescribed limits from time to time, the maximum transaction limit may be less than Rs 200,000 per transaction. SBP advised banks to provide a smooth, convenient and hassle-free user experience for their customers using Raast.

Banks are required to ensure continuous and uninterrupted availability of all channels on which Raast services are offered. To this end, banks should strengthen their service level agreements (SLAs) with their vendors and service providers. Banks were also advised to ensure the availability of a fully equipped 24/7 Network Operations Center (NOC), Security Operations Center (SOC) and a fully staffed call center/help desk with agents familiar with Raast functionality, as well as an effective customer complaint handling system and dispute resolution mechanism for prompt resolution of customer issues.

Banks were also invited to take all measures to encourage their customers to use Raast’s services and to facilitate their use. In this regard, they ensure that customer awareness messages are disseminated through SMS, emails and digital/social media platforms.

Activation Instructions for Raast Person-to-Person Transfers have been issued to all Banks, Electronic Money Institutions, Payment System Operators (PSOs) and Payment System Providers (PSPs) to mark the second phase of the deployment of the instant payment system.

Raast is developed in collaboration with Karandaaz, Pakistan and introduced in phases. The first phase of Raast, Bulk Payments, was launched by Prime Minister Imran Khan in January 2021. With the launch of Raast, Pakistan has joined a select club of countries that have launched or are in the process of launching payment systems instantaneous. Raast is wholly owned and operated by SBP.

Source: The News

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