KARACHI: The State Bank of Pakistan (SBP) has officially rolled out PRISM+, a next-generation Real-Time Interbank Settlement Mechanism, designed to modernise the country’s payment infrastructure and accelerate the shift towards a digitally inclusive economy.
The launch of PRISM+ is a major milestone in strengthening Pakistan’s financial market framework and aligning it with global standards. The inaugural ceremony took place at the National Institute of Banking and Finance (NIBAF) and was attended by CEOs of banks, microfinance institutions, payment system operators, service providers, senior SBP officials, and other key stakeholders from the financial sector.
Speaking at the occasion, SBP Governor Jameel Ahmed underlined that PRISM+ is central to the central bank’s Vision 2028, which seeks to fortify Pakistan’s digital financial ecosystem. With its introduction, Pakistan has joined a select group of countries that have adopted the globally recognised ISO 20022 messaging standard for both retail and high-value payment systems.
Built on advanced protocols, PRISM+ delivers several cutting-edge features that go beyond traditional settlement systems. It ensures structured financial messaging, improved interoperability across institutions, and heightened transparency in transactions. These enhancements are expected to not only strengthen risk management but also deepen trust in the country’s digital payment framework.
Among its innovative functionalities are real-time liquidity management tools, transaction queuing and prioritisation, future-dated payment scheduling, and direct integration with the Central Securities Depository (CSD). This integration is particularly significant for streamlining auctions, repos, and monetary operations, thereby supporting more efficient financial market activity.
By offering a robust and transparent settlement mechanism, PRISM+ represents a leap forward for Pakistan’s payment landscape. It is poised to foster efficiency, innovation, and inclusivity in digital finance, setting the foundation for sustainable growth in the years to come.
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