SBP adopts PRISM+ System to modernize the country's financial market infrastructure
The State Bank of Pakistan (SBP) has officially launched the PRISM+ System—a next-generation Real-Time Interbank Settlement Mechanism—marking a significant step in modernizing the country’s financial market infrastructure and enhancing digital payment capabilities.
With PRISM+, Pakistan joins a select group of countries adopting the ISO 20022 global messaging standard for both retail and large-value payment systems, bringing the nation in line with international best practices.
The new system offers 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 policy operations. These features are designed to boost efficiency, transparency, and interoperability across the financial ecosystem.
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Speaking at the launch ceremony held at the National Institute of Banking and Finance (NIBAF) in Karachi, SBP Governor Jameel Ahmad described PRISM+ as a strategic national asset. He said the platform will enable Pakistan’s payment systems to meet future demands, foster innovation, and enhance the overall resilience of the financial sector.
“PRISM+ is a cornerstone of our Vision 2028, reflecting our commitment to building a digitally empowered and financially inclusive economy,” said the Governor.
He underscored the critical role large-value payment systems play in financial stability, noting that the existing PRISM system processed over Rs 1,043 trillion in FY2024—equivalent to ten times Pakistan’s GDP. With PRISM+, the system’s capacity and efficiency are being significantly enhanced to support the evolving needs of the market.
Governor Ahmad also highlighted the country’s broader digital transformation, citing impressive growth in digital financial services:
· 225+ million bank and digital wallet accounts
· 96 million unique users
· 28 million mobile banking app users
· 71 million branchless banking users
· 17 million internet banking users
“This shift reflects growing consumer preference for digital channels, and SBP remains focused on building secure, resilient, and trusted systems,” he said.
The Governor reaffirmed SBP’s strong emphasis on cybersecurity, anti-money laundering (AML), and fraud prevention frameworks, all of which are mandatory components of Pakistan’s evolving digital financial infrastructure.
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He also acknowledged the World Bank Group’s support through the Financial Inclusion and Infrastructure Project, as well as the collaboration between SBP, commercial banks, consultants, and technology partners that made the development and rollout of PRISM+ possible.
The launch event was attended by CEOs of commercial banks, microfinance institutions, Payment System Operators (PSOs), Payment Service Providers (PSPs), senior SBP officials, and other key stakeholders from across the financial sector.
Source: APP