KARACHI: The State Bank of Pakistan (SBP) Tuesday launched Pakistan’s new Real-Time Interbank Settlement Mechanism Plus (PRISM+) system to modernize & strengthen payment infrastructure for a digitally empowered and inclusive economy.
State Bank of Pakistan (SBP) Governor Jameel Ahmad formally launched PRISM+ system, marking a significant milestone in the modernization of country’s financial market infrastructure.
The launch ceremony, held at the National Institute of Banking and Finance (NIBAF Pakistan), here and was attended by CEOs of banks, Microfinance Institutions, Payment System Operators (PSOs), Payment Service Providers (PSPs), senior SBP officials and other stakeholders.
In his keynote address, SBP Governor Jameel Ahmad said the PRISM+ reflects the SBP’s commitment to strengthening digital financial infrastructure in line with its Vision 2028. With PRISM+, Pakistan has become one of the few countries to adopt the ISO 20022 global messaging standard for both retail and large-value payment systems.
Pakistan launches PRISM+ to upgrade payment and settlement system
Built on the state-of-the-art standard, PRISM+ offers enhanced functionality, including structured financial messaging, improved interoperability, and greater transparency. It also introduces advanced features such as real-time liquidity management tools, transaction queuing and prioritization, future-dated payments, and seamless integration with the Central Securities Depository (CSD) for auctions, repos, and monetary operations.
The Governor emphasized the strategic importance of large-value payment systems in financial markets. He added that PRISM processed transactions worth over PKR 1,043 trillion in FY24 — equivalent to ten times Pakistan’s GDP.
With PRISM+, we are enhancing the system’s capacity and efficiency to support growing financial market needs, he noted.
Governor SBP highlighted Pakistan’s broader digital transformation, pointing to the rising use of digital channels.
He shared that Pakistan now has over 225 million bank and digital wallet accounts, with 96 million unique users. There are 28 million registered users of banking apps, 71 million branchless banking users, and 17 million internet banking users, reflecting a strong shift in consumer preferences toward digital financial services, he added.
The Governor reaffirmed SBP’s strong focus on the security and resilience of payment systems. As we expand Pakistan’s digital infrastructure, SBP has mandated strict cybersecurity, anti-money laundering (AML) and fraud management & controls frameworks to ensure trust and transparency in the financial system, he emphasized.
Governor Ahmad acknowledged the World Bank Group’s technical and financial support under the Financial Inclusion and Infrastructure Project and appreciated the efforts of key experts and SBP teams who led the project to completion.
Copyright Business Recorder, 2025
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