The State Bank of Pakistan (SBP) has unveiled its upgraded payment and settlement system, PRISM+, marking a major step in the country’s ongoing digital transformation of financial services. This development not only strengthens the payment ecosystem but also places Pakistan among a select group of nations whose retail and large-value payment systems adhere to the latest ISO standards, underscoring the central bank’s commitment to modernization and global integration.
Governor Jameel Ahmad, speaking at the launch, emphasized that PRISM+ represents more than just an upgrade; it is a strategic leap that enhances the resilience, transparency, and efficiency of Pakistan’s financial system. He acknowledged the World Bank’s contribution to the project, recognizing the role of international collaboration in building robust financial infrastructure. Ahmad noted that with PRISM+, Pakistan is setting a strong foundation for the next stage of financial digitization, one that blends advanced technology with strengthened regulatory oversight.
In recent years, Pakistan’s financial sector has witnessed rapid adoption of digital solutions across payments, banking, fintech, and e-commerce. Initiatives like RAAST, the country’s first instant retail payment system, have already transformed the landscape by enabling seamless digital transfers between individuals, businesses, and government entities. Ahmad highlighted that these efforts are reshaping consumer preferences and redefining service delivery in ways that are improving convenience, accessibility, and transparency across the economy.
The scale of digitization in Pakistan is significant, with over 225 million bank and digital wallet accounts, including 96 million unique users. Commercial bank mobile apps now serve 28 million users, branchless banking applications have attracted 71 million users, while internet banking platforms support an additional 17 million users. This rapid expansion reflects the growing trust in digital channels and the central bank’s focus on enabling innovation while ensuring financial inclusion.
Governor Ahmad also shed light on the importance of the Real Time Gross Settlement (RTGS) system, a backbone of financial stability that enables large-value transactions between banks to be executed in real time. The existing PRISM system processed transactions worth Rs. 1,043 trillion in 2024, a figure that is ten times the size of Pakistan’s GDP. Such numbers demonstrate the critical role of payment systems in maintaining liquidity, supporting monetary policy, and reducing systemic risks.
PRISM+, built on the ISO 20022 financial messaging standard, introduces advanced features such as improved interoperability, automation, transparency, and sophisticated liquidity management tools. These upgrades not only align Pakistan’s payment infrastructure with global best practices but also ensure that security remains a top priority in an increasingly digital financial environment.
Ahmad further remarked that the system’s development and rollout were achieved within 14 months, showcasing the SBP’s ability to deliver complex and transformative projects efficiently. He described PRISM+ as a strategic national asset that will safeguard financial stability while simultaneously enabling greater innovation and competitiveness in Pakistan’s digital economy.
As the financial sector embraces digitization at an unprecedented pace, the launch of PRISM+ signals a stronger, more resilient, and future-ready ecosystem that can support sustainable economic growth and integrate more seamlessly with global financial networks.