In a recent development, the State Bank of Pakistan (SBP) has made it more convenient for federal employees to receive their salaries or pension. With the launch of Raast instant payment system, SBP has digitized the salary and pension disbursements of all federal government employees. The development came after the Controller General of Accounts Pakistan (CGAP) and SBP signed a Memorandum of Understanding for digitizing federal government payments with the help of Raast.
State Bank Digitizes Salary & Pension disbursements of Federal Employees
During the initial phase, the salaries and pensions of a certain group of Federal Government employees will be paid via Raast payment system. The payroll and pension-roll shared data will be provided to SBP’s Raast through the CGA system. It will have a highly secured interface, and payment disbursements to the recipients’ accounts will be made immediately after verifying the employees’ detail.
In order to guarantee that payments are only sent to the assigned beneficiary’s account, Raast validates the beneficiaries’ details with their banks, Moreover, this system works on a real-time basis before crediting the payment in the beneficiary’s account. After the initial phase, this transfer facility will be launched to cover all the salaries of the Federal and provincial governments.
Raast is Pakistan’s First-ever Instant Payment System, which was rolled out back in January 2021 by SBP, and now it will be used to distribute pensions and salaries to the employees of the Federal Government of Pakistan. It is a high-priority initiative of SBP, which renders a simple, fast, low-cost, and secure electronic payment platform for instant transactions.
Furthermore, SBP is also striving to capitalize on the powerful capabilities of Raast to incorporate payments of social security nets like the Ehsaas Program, BISP, and other government liabilities.