Raast is an instant payment system that facilitates instant, safe and efficient transfer of funds through various use-cases including bulk payments, person-to-person transfers, and person-to-merchant transactions.  In order to facilitate the applicants desirous of becoming Raast participants, SBP has decided to issue the enclosed Raast Participation Criteria. The criteria define various categories of participants and outline the minimum set of requirements for each category. The criteria shall be applicable to all existing and future participants of Raast.

2.           The Raast Participation Criteria have been issued under the powers conferred upon SBP under the Payment Systems and Electronic Fund Transfers Act 2007, and shall become applicable with immediate effect.

3.           Please acknowledge receipt.

Encl: Raast Participation Criteria