Karachi – The State Bank of Pakistan (SBP) has announced that it will launch its upgraded payment and settlement system, PRISM+, today, marking a major milestone in the country’s financial infrastructure.
PRISM+ represents a significant leap forward in modernizing how money and government securities are moved and managed across Pakistan’s financial system. Built on the global ISO 20022 messaging standard, the system introduces advanced tools and services that align Pakistan’s payments ecosystem with international best practices.
The system consists of two core components:
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Real-Time Gross Settlement (RTGS): Enables faster and more secure large-value payments among financial institutions.
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Central Securities Depository (CSD): Provides comprehensive management of government securities, including T-Bills, PIBs, and other instruments.
According to SBP, PRISM+ will allow real-time transfers of large payments, scheduling of payments for future dates, priority-based settlements, live dashboards for monitoring balances and transactions, and automated calculation of fees and invoices.
The CSD will streamline government bond transactions by facilitating real-time bidding in primary auctions, efficient trading in secondary markets, and better collateral management. It also supports SBP’s open market operations, enabling instant liquidity injections or withdrawals.
PRISM+ further enhances transparency and security with full audit trails, role-based access controls, and real-time alerts to participants. It also introduces liquidity-saving queues, intraday liquidity facilities, and the ability for banks to earmark reserves for critical systems such as Raast, 1Link, NIFT, and NCCPL.
Other key improvements include extended operating hours, instant handling of payment cancellations or returns, and options for cash deposits or withdrawals at the SBP Karachi office for specific operations.
The central bank highlighted that PRISM+ has been developed under its Vision 2028, aimed at establishing a modern, inclusive, and robust financial ecosystem in Pakistan. Extensive engagement with stakeholders has ensured that the system meets both international standards and local market needs.
With PRISM+, Pakistan’s financial sector is expected to benefit from faster, safer, and more efficient money movement, enhanced liquidity management, improved securities handling, and reduced systemic risks.
