Euronet Pakistan, a division of Euronet Worldwide, a US-based NASDAQ listed company and the largest card and payment processor in Pakistan, has announced a long-term strategic partnership with CMA, a globally recognized leader in real time payments, headquartered in Sweden and the primary vendor for SBP’s RAAST Instant-Payment System (IPS) and RTGS program built on ISO20022 industry standard.
This partnership will offer a single window and simplified plug-and-play enablement and processing for RAAST and RTGS payments on a locally hosted managed services model, fully supported by guaranteed SLAs that would ensure high scalability, improved uptimes, and optimal performance.
By offering a scalable, volume tested, and robust enablement model with faster implementation and turnaround times, and with complete support and readiness of future use cases, this partnership will support and revolutionize the growth and expansion of RAAST and its future use cases.
“We are excited to collaborate with CMA on this pivotal project,” stated Kashif Gaya, CEO of Euronet Pakistan. “Through this partnership, Euronet will extend RAAST use cases to the market, enriching Pakistan’s digital payment ecosystem while simplifying RAAST enablement for our clients, making it more accessible. This partnership underscores our commitment to support local payments and highlights our mission to create a transformative impact on the digital financial landscape.”
CMA, established in 1983 with a strong global presence in 55 Central Banks, is known for its visionary approach in fintech, and brings invaluable expertise to this partnership. Arshad Mughal, CMA Country Account Manager stated, “CMA is on a mission to modernize the world’s payments and financial infrastructure.
Euronet shares our vision and together we will foster innovation and enhance the efficiency of Pakistan’s digital payment infrastructure, promoting greater access to digital financial services.”
Euronet Pakistan and CMA remain dedicated to advancing financial ecosystem and driving digital inclusion in the local market. This marks a new era in Pakistan’s digital payments, promising the latest innovation and industry standards in full compliance with local regulation to better meet evolving needs of people and businesses everywhere.
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