SBP to Launch Upgraded Payment System PRISM+ on Tuesday

Islamabad, Monday, August 18, 2025 – The State Bank of Pakistan (SBP) has announced that it will officially launch its upgraded payment and settlement system, PRISM+, on Tuesday, August 19, 2025. The central bank said the new system will play a key role in modernizing Pakistan’s financial infrastructure.

According to SBP, PRISM+ will improve how money and government securities move across the financial sector. It will make the country’s financial system faster, safer, and more transparent. Banks will also be able to manage liquidity more effectively, reduce risks during settlements, and improve overall efficiency.

PRISM+ Components

The new system is built on the ISO 20022 messaging standard, which is already being used in many advanced financial markets worldwide. It has two major parts:

• A quicker Real-Time Gross Settlement (RTGS) system for large value payments.

• A brand-new Central Securities Depository (CSD) to handle government securities like T-Bills, PIBs, and other instruments.

What PRISM+ Offers

PRISM+ comes with several features that will change how banks operate. These include:

• Real-time transfer of large payments.

• Future-dated scheduling of payments.

• Priority-based settlements for faster clearances.

• Live dashboards to display balances and pending transactions.

Banks will also be able to join real-time government securities auctions, manage secondary market trades, and monitor pledged collateral for liquidity support.

The system introduces liquidity-saving tools such as:

• High-priority payment queues.

• Reserve earmarking for platforms like Raast and 1Link.

• An Intraday Liquidity Facility (ILF) that lets banks borrow against government securities.

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

SBP Vision 2028

The State Bank said PRISM+ has been developed under Vision 2028, which focuses on building a modern, inclusive, and robust financial ecosystem for Pakistan. The system reflects international best practices but is also tailored to meet local market needs.

The launch ceremony will be led by SBP Governor Jameel Ahmad and attended by top officials, financial sector representatives, and key stakeholders.