SBP introduces Raast P2P payment service

Service to provide convenient, hassle-free mode of digital funds transfer

KARACHI:

The State Bank of Pakistan (SBP) has launched a person-to-person (P2P) funds transfer service in the country through its instant payment system Raast.

This would provide a convenient and hassle-free digital funds transfer service to customers across the country, said a statement issued by the SBP on Thursday.

Moreover, it will also provide an efficient payment infrastructure that will pave the way for digitisation and promotion of digital financial services.

Under this P2P service, customers would be able to send/ receive funds in their accounts using their bank’s mobile application, internet banking or over-the-counter services.

In this regard, the SBP has directed all commercial banks to make Raast P2P funds transfer service available on at least three customer channels, ie mobile application, internet banking and branch counters.

Commercial banks must ensure that funds transferred through Raast should be credited into the recipients’ accounts within 20 seconds of receiving the credit advice from the system, the central bank said.

In order to promote the use of digital financial services, the SBP has advised banks to avoid levying any charges on Raast-related services and all transactions conducted through this service will be free for end-customers.

The SBP would also offer free-of-cost Raast services to the banks in order to facilitate them.

“Banks shall not assign the minimum transaction size,” the statement said, adding that “banks shall allow the maximum limit of Rs200,000 per transaction or higher depending on the bank’s assessment of risk profile of the customer”.

“For particular account types where the SBP has prescribed limits from time to time, the maximum transaction limit could be lower than Rs200,000 per transaction,” it said.

The SBP has directed the commercial banks to ensure continuous and uninterrupted availability of all channels on which Raast services were being offered.

“Banks shall strengthen their Service Level Agreements (SLAs) with their vendors and service providers for this purpose,” it said and added that banks should ensure the availability of network operations centre, security operations centre, call centre/ help desk and an effective customer complaint/ dispute resolution mechanism.

In order to encourage customers to use Raast services and facilitate them, banks should broadcast awareness messages through different communication platforms, said the statement.

Published in The Express Tribune, February 4^th, 2022.

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