Islamabad, Nov 19: Euronet and CMA Partner to Accelerate SBP RAAST Program Expansion
Euronet Pakistan, a prominent card and payment processing company under the NASDAQ-listed Euronet Worldwide, has partnered with CMA, a Sweden-based global leader in real-time payment solutions. CMA also serves as the primary technology provider for the State Bank of Pakistan’s RAAST Instant Payment System (IPS) and RTGS program.
This collaboration introduces a seamless “plug-and-play” system for RAAST and RTGS payment processing, hosted locally and backed by robust service-level agreements (SLAs). The initiative ensures exceptional scalability, reliable uptime, and optimal performance.
Key Features of the Partnership
- Streamlined Payment Processing:
The alliance offers a highly scalable, tested model that simplifies the enablement of RAAST and RTGS for businesses. - Expanding the Digital Payment Network:
Euronet Pakistan aims to broaden the applications of RAAST, enhancing accessibility and paving the way for future innovations in digital payments. - Driving Financial Innovation:
By leveraging CMA’s fintech expertise, the collaboration is set to revolutionize Pakistan’s payment infrastructure.
Insights from Leadership
Kashif Gaya, CEO of Euronet Pakistan, highlighted the collaboration’s potential. “This partnership simplifies RAAST enablement, expands its use cases, and strengthens Pakistan’s digital payment ecosystem, driving innovation in financial services.”
Arshad Mughal, CMA’s Country Account Manager, echoed this sentiment, stating, “Together, CMA and Euronet will modernize Pakistan’s payment infrastructure, fostering innovation and improving access to digital financial services.”
About CMA
Established in 1983, CMA is a global fintech leader, working with 55 central banks worldwide. Its expertise in real-time payment systems aligns seamlessly with Euronet Pakistan’s vision for advancing the country’s financial infrastructure.
Implications for Pakistan’s Financial Sector
This partnership signifies a leap forward for Pakistan’s digital payment landscape. Adhering to ISO 20022 standards and local regulatory frameworks, the collaboration ensures that the evolving needs of businesses and consumers are met effectively.
With a focus on digital inclusion and accessibility, this alliance lays the foundation for a resilient and future-ready financial ecosystem in Pakistan.
