SBP to launch upgraded payment system, PRISM+, tomorrow

ISLAMABAD: The State Bank of Pakistan (SBP) will launch its upgraded payment and settlement system, PRISM+, tomorrow (Tuesday), the central bank said in a statement.

According to the SBP, the new system marks a major step in modernising Pakistan’s financial infrastructure, streamlining the movement of money and government securities across the financial sector.

It added that the system will make Pakistan’s financial framework “faster, safer, and more modern,” enabling banks to manage liquidity more effectively, reduce settlement risks, and improve overall efficiency.

PRISM+ key components

PRISM+ is based on the global ISO 20022 messaging standard, which is used in many advanced financial systems around the world. It includes two key components:

• A faster Real-Time Gross Settlement (RTGS) system for large payments among participants
• A brand-new Central Securities Depository (CSD) that manages government securities such as T-Bills, PIBs, and other government securities

What PRISM+ offers?

Among its features, PRISM+ will enable real-time transfer of large payments, future-dated payment scheduling, priority-based settlement, and live dashboards showing balances and pending transactions.

It will also allow banks to participate in real-time government securities auctions, manage secondary market trades more efficiently, and track pledged collateral for liquidity purposes.

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The system includes liquidity-saving mechanisms such as high-priority payment queues, reserve earmarking for platforms like Raast and 1Link, and an Intraday Liquidity Facility (ILF) that allows banks to borrow against government securities.

Extended operating hours, real-time payment cancellations, and improved transparency through audit trails and role-based access are also part of the upgrade.

The SBP said PRISM+ has been designed in line with its Vision 2028 to create a modern, inclusive, and robust financial ecosystem.

It reflects global best practices while addressing Pakistan’s specific market needs, with extensive input from financial institutions during development.

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The launch will be led by SBP Governor Jameel Ahmad and attended by senior officials, representatives of financial institutions, and other key stakeholders.