The State Bank of Pakistan (SBP) announced that it will launch its upgraded payment and settlement system, PRISM+, on Tuesday marking a major step in modernizing the country’s financial infrastructure.
PRISM+ is designed to streamline the movement of money and government securities across Pakistan’s financial system. The new platform is based on the global ISO 20022 messaging standard and includes two key components: a faster Real-Time Gross Settlement (RTGS) system for large-value payments and a Central Securities Depository (CSD) for managing government instruments such as T-Bills and PIBs.
The system will provide banks with real-time transfers, scheduled payments, priority-based processing, live dashboards, and automated fee calculations. The CSD will allow more efficient participation in primary market auctions, secondary market trading, and collateral management.
Liquidity management has been enhanced through tools such as liquidity-saving queues, earmarked reserves for Raast, 1Link, NIFT, and NCCPL, and an Intraday Liquidity Facility (ILF) enabling banks to access short-term funds using eligible securities.
READ MORE: SBP Launches WE Finance Code Program
PRISM+ also brings stronger security and transparency with full audit trails, role-based access, and real-time settlement alerts. Other upgrades include extended operating hours, real-time handling of cancellations and return messages, and cash management facilities at SBP Karachi.
The initiative is part of SBP’s Vision 2028 to build a modern, inclusive, and robust financial ecosystem. Developed in consultation with stakeholders, PRISM+ aligns with international best practices while addressing Pakistan’s specific market needs.
