KMBL joins SBP’s payment system

KARACHI: The Khushhali Microfinance Bank (KMBL) has announced to join the State Bank of Pakistan’s (SBP) Raast instant digital payment system, a statement said on Monday.

Under this collaboration, Khushhali Microfinance Bank will enable end-to-end digital transactions for government payments, it added. This is another step towards the digitalisation of the bank’s financial structure.

Raast is an instant payment mechanism that permits end-to-end digital payments among general public, businesses, and government entities. Under this partnership, Khushhali Microfinance Bank can process bulk government payments instantly, including salaries and pensions, dividend disbursements, mutual fund payments, business-to-business (B2B) batch payments, and payroll payments for private entities, the statement said. Khushhali Microfinance Bank will receive bulk payments from various institutions, to be disbursed to recipients via Raast’s digital platform, it added.