SBP Launches Upgraded PRISM+ Payment System to Boost Digital Transactions

KARACHI:
The State Bank of Pakistan (SBP) has officially rolled out its advanced Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+), marking a major step in the country’s digital financial transformation. The upgrade follows the success of the original PRISM system, which processed transactions worth over Rs1,043 trillion in FY24, nearly ten times Pakistan’s GDP.

Speaking at the launch event held at the National Institute of Banking and Finance (NIBAF), Karachi, SBP Governor Jameel Ahmad emphasized that the enormous transaction volumes underline the critical role of large-value payment systems in strengthening financial markets. He added that PRISM+ is designed to enhance system capacity, efficiency, and resilience to meet Pakistan’s evolving financial needs.

The event brought together top executives from banks, microfinance institutions, payment system operators (PSOs), payment service providers (PSPs), and senior SBP officials.

Key Features of PRISM+

Built on the ISO 20022 international messaging standard, PRISM+ positions Pakistan among a select group of nations using cutting-edge frameworks for wholesale and retail payments. The upgraded platform introduces:

• Structured financial messaging for improved interoperability.

• Real-time liquidity management tools for banks and institutions.

• Transaction queuing and prioritization features.

• Future-dated payment options.

• Integration with the Central Securities Depository (CSD) for auctions, repos, and monetary policy operations.

Aligning with SBP’s Vision 2028

Governor Ahmad noted that the initiative reflects SBP’s Vision 2028, which focuses on modernizing Pakistan’s digital financial infrastructure. He highlighted the rapid growth of digital finance, with over 225 million bank accounts and mobile wallets, including 96 million unique users. Currently, 28 million customers use mobile banking apps, 71 million rely on branchless banking, and 17 million access internet banking platforms.

Ensuring Security and Trust

Reiterating SBP’s commitment to safeguarding digital finance, Ahmad stressed that strict frameworks on cybersecurity, anti-money laundering (AML), and fraud prevention have been made mandatory to ensure transparency and trust in the system.

He also acknowledged the support of the World Bank Group under its Financial Inclusion and Infrastructure Project, and commended the joint efforts of SBP teams, consultants, and partner banks in making the upgrade possible.

A Strategic Milestone for Pakistan’s Financial System

Concluding his remarks, the governor described PRISM+ as a “strategic asset” for Pakistan’s payment ecosystem. The upgraded system, he said, will not only support innovation and increase efficiency but also strengthen financial stability as the country continues its transition toward a digital economy.