Raast is now expanding its capabilities beyond borders through integration with Buna. The Buna-Raast Connectivity Project marks a significant development by connecting Pakistan’s financial sector via through its Instant Payment System, Raast, with financial institutions in the Arab region via the Buna platform. Buna is the centralized cross border payment system operated by the Arab Regional Payments Clearing and Settlement Organization ARPCSO, which is owned by AMF and comprises of 22 Arab countries.
In the end, the true beneficiaries of this integration will be the people of Pakistan, whether living in Pakistan or abroad. The vision is to enable senders to initiate payments digitally through their mobile devices without the need to physically visit a remittance sending institution or agent to send funds to Pakistan.
Subsequently, through the power of Raast ID, the beneficiaries in Pakistan will no longer need to queue in bank branches for over-the-counter transfers or wait hours or sometimes days, to receive their remittances, as transactions with Raast will occur instantaneously. With Raast’s interlinking with Buna, the aim is to achieve process efficiency, and make cross-border transfers more sustainable for both financial institutions and the Government of Pakistan.
