State Bank of Pakistan Upgrades Payment System with PRISM+

The State Bank of Pakistan (SBP) has introduced PRISM+, an enhanced version of its payment and settlement infrastructure, on Tuesday.

During the launch event, SBP Governor Jameel Ahmad remarked, “Following the introduction of RAAST, Pakistan’s real-time payment system, today’s launch places Pakistan among a select group of nations with payment systems and infrastructure compliant with the latest ISO standards.”

The Governor expressed gratitude to the World Bank for its crucial support in realizing the project.

“Our financial environment is undergoing rapid digitization, spanning payments, fintech, e-commerce, and banking. Innovation is a major catalyst for transformation in service delivery and evolving consumer choices.”

He noted the rise of retail payment infrastructure such as RAAST as evidence of the ecosystem’s recent digitization.

RAAST facilitates immediate digital transactions between individuals, businesses, and government organizations.

Governor Ahmad stated that Pakistan has more than 225 million accounts, encompassing bank accounts and digital wallets, held by approximately 96 million unique individuals. He added, “Around 28 million people use commercial banks’ apps, 71 million use branchless banking apps, and 17 million use internet banking.”

The central bank head emphasized the importance of the Real-Time Gross Settlement (RTGS) system, which enables real-time transfers of substantial funds between banks.

“It guarantees the circulation of funds and facilitates monetary policy execution using open market operations (OMO). RTGS reduces the potential for financial instability,” he explained.

Referring to PRISM, Pakistan’s RTGS, Jameel mentioned that it processed transactions valued at Rs1,043 trillion in 2024. “To illustrate, PRISM handled transactions equivalent to 10 times Pakistan’s GDP,” he stated.

“This demonstrates PRISM’s significance in supporting the broader financial industry, especially our business community.”

“With PRISM+, we are entering a new era of advancement. The system adheres to the ISO 20022 financial messaging standard, promoting structured and data-rich financial communication.”

He added that PRISM+ offers improved transparency, interoperability, and automation throughout the payment and settlement ecosystem. “The updated platform incorporates enhanced capabilities, including liquidity management tools for optimizing funds flow,” he elaborated.

Jameel affirmed that Pakistan’s payment system now aligns with international best practices.

“As we develop our digital payment infrastructure, maintaining security remains our top regulatory objective,” he stated. Jameel emphasized the need for Pakistan’s financial system to remain secure, transparent, and reliable.

He mentioned that PRISM+ was finished and launched within 14 months.

“PRISM+ is more than just a technical system; it is a vital instrument for maintaining financial stability and promoting innovation in the modern digital age,” he concluded.