SBP’s P2P Payment Service

Here are some explanations about the procedure of the service.

How will banks offer P2P payments?
Customers would be able to send and receive funds using either their International Bank Account Number (IBAN) or their Raast ID. Initially, customers would be able to use their registered mobile numbers as their Raast ID and link it to any of their bank account for conveniently receiving funds.

Raast Participant Banks (banks) shall make the service available on at least 3 channels, i.e. mobile apps, internet banking portals, and over their branch counters within the timelines earlier provided by the SBP.

Funds successfully transferred through Raast should be credited into the recipients’ accounts within 20 seconds of receiving the credit advice from Raast system. The successful transaction should be reflected in the account statements of both the sender and receiver within this time period and the customers should receive credit/debit confirmation advice on their registered cell phones, email addresses, and via in-app notifications, where available. The credit/debit advice shall clearly mention all the relevant details including name of the counter party and Raast Mode of payment.

In case a transaction is rejected, the sending customers shall receive rejection advice on their registered cell phones, email addresses, and via in-app notifications where available, clearly mentioning the reason for rejection. Transactions performed through Raast shall either be credited into the recipient’s account or rejected; and in no case the sending/receiving banks are allowed to hold customer funds into their own accounts. All transactions conducted through Raast would be final and irrevocable.

Would banks assign minimum transaction size?
In general, banks shall allow maximum transaction limits of Rs200,000 per transaction or higher depending on the bank’s assessment of the 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. SBP has advised banks to provide a smooth, convenient and hassle-free user experience to their customers using Raast.

Is it necessary for banks to provide uninterrupted availability of this service?

Banks are required to ensure continuous and uninterrupted availability of all channels on which Raast services are being offered. For this purpose, banks shall strengthen their Service Level Agreements (SLAs) with their vendors and service providers. Banks have also been advised to ensure availability of fully equipped 24/7 Network Operations Center (NOC), Security Operations Center (SOC), and call center/help desk fully equipped with agents who are well versed with Raast functionality, and an effective customer complaints and disputes resolution mechanism for timely resolution of customer issues.

Would banks educate customers about the service?
Banks have also been advised to take all measures to encourage their customers to use Raast services and facilitate them in its usage. In this regard, they shall ensure that customer awareness messages are broadcasted through SMS, emails, and digital/social media platforms.