{"id":83643,"date":"2022-02-04T11:57:53","date_gmt":"2022-02-04T06:57:53","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=83643"},"modified":"2022-02-04T12:25:31","modified_gmt":"2022-02-04T07:25:31","slug":"sbp-p2p-fund-transfer-system","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-p2p-fund-transfer-system.html","title":{"rendered":"SBP launches Pakistan\u2019s first P2P fund transfer system"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan (SBP) on Thursday (February) launched Pakistan\u2019s first digital Person-to-Person (P2P) fund transfer system under \u2018Raast\u2019 initiative, news sources reported. The central bank mandated that banks provide accessible financial services to clients via digital banking apps, online banking, and in-person assistance.&nbsp;<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-licenses-five-digital-banks.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP to grant licenses to five digital banks<\/a><\/p>\n\n\n\n<p>Reportedly,  SBP Raast  P2P cash transfers and settlement services would allow bank clients to send and receive funds in their accounts using their bank&#8217;s mobile application. Every banking customer will be able to use Raast  <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zameen.com\/news\/sbp-licenses-five-digital-banks.html\" data-type=\"post\" data-id=\"83291\" target=\"_blank\">P2P fund transfer services<\/a> by associating their CNIC with their International Banking Number (IBAN) via their bank&#8217;s mobile app, internet banking, or by visiting their local branch. Following the first setup, consumers will be able to send money through SMS or the CNIC app without knowing any additional information.\u00a0<\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-monetary-9-75-pc-growth.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP maintains monetary rate of 9.75 pc amid growth<\/a><\/p>\n\n\n\n<p>Banks that have achieved SBP-required IT infrastructure and security levels for digital banking and payment will provide the P2P system in the first phase. Banks will, nevertheless, be allowed to utilise IBAN for transactions. According to sources, the government has chosen to expand banking coverage to a more significant country population by implementing a branchless banking system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) on Thursday (February) launched Pakistan\u2019s first digital Person-to-Person (P2P) fund transfer system under \u2018Raast\u2019 initiative, news sources reported. The central bank mandated that banks provide accessible financial services to clients via digital banking apps, online banking, and in-person assistance.&nbsp; Read: SBP to grant licenses to five digital banks Reportedly, SBP Raast P2P cash transfers and settlement services would allow bank clients to send and receive funds in their accounts using their bank&#8217;s mobile application. Every banking customer will be able to use Raast P2P fund transfer services by associating their CNIC with their International Banking Number (IBAN) via their bank&#8217;s mobile app, internet banking, or by visiting their local branch. Following the first setup, consumers will be able to send money through SMS or the CNIC app without knowing any additional information.\u00a0 Read: SBP maintains monetary rate of 9.75 pc amid growth Banks that have achieved SBP-required IT infrastructure and security levels for digital banking and payment will provide the P2P system in the first phase. Banks will, nevertheless, be allowed to utilise IBAN for transactions. According to sources, the government has chosen to expand banking coverage to a more significant country population&hellip;<\/p>\n","protected":false},"author":84,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[50980,50979,50978,50977],"persona":[],"class_list":{"0":"post-83643","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-branchless-banking","9":"tag-digital-branchless-banking","10":"tag-p2p-banking-system","11":"tag-sbp-launches-pakistans-first-p2p-fund-transfer-system","12":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP launches Pakistan\u2019s first P2P fund transfer system - Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The State Bank of Pakistan (SBP) on Thursday (February) launched Pakistan\u2019s first digital Person-to-Person (P2P) fund transfer system under\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-p2p-fund-transfer-system.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP launches Pakistan\u2019s first P2P fund transfer system - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The State Bank of Pakistan (SBP) on Thursday (February) launched Pakistan\u2019s first digital Person-to-Person (P2P) fund transfer system under\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-p2p-fund-transfer-system.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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