1/ Still lots of questions about #RaastBySBP and how it's different from current online transfer mechanisms. People keep insisting it's the same as current digital payment switches, but it's NOT in a huge way! Read on and share so there is clarity...

2/ #RaastbySBP is not an app or a consumer product of any sort. It is the backend infrastructure or plumbing that is connected to EVERYONE (Banks, Fintechs, EMIs, etc) that allows for service providers to build consumer or business service on top of it.

3/ @StateBank_Pak in collaboration w @KarandaazPK is implementing the first few of those services (called use cases) by using RAAST platform to connect government departments to individuals it needs to make payments to. Bulk CDC payments of dividends to shareholders is the first.

4/ Bulk BISP payments to women will follow and then more use cases will be built by private sector to enable P2P payments, Business to Consumer payments and Consumer to Business payments. That capability built into Raast will enable what was previously not possible.

5/ Let me explain by example. Raast allows payments like the following:
From: Khurram@UBL
To: Fee@Aitchison
Amount: Rs 40,000
Roll Number: 12345
Bill Number: 67890
Date/Time: Monday, 14 Jan, 2021

I am just dumbing it down, the actual APIs will be different & allow more context.