The State Bank of Pakistan (SBP) has entered into a landmark partnership with Systems Limited and Temenos, a global leader in banking software, to modernize its core banking platform. The collaboration aims to implement the latest Temenos core banking software and the Temenos Payment Hub, a move set to enhance SBP’s payment infrastructure and support the digital transformation of Pakistan’s financial sector.
This modernization project is a significant step for both SBP and Systems Limited. The core banking platform upgrade will allow SBP to better manage critical banking functions, improve the efficiency of its operations, and provide a more robust infrastructure to oversee Pakistan’s evolving financial ecosystem. Furthermore, the integration of Temenos Payment Hub will streamline domestic and global payments, enabling faster, more secure, and real-time transaction processing. The system will also support compliance with the new SWIFT ISO 20022 MX message standards, which are crucial for modernizing international payment systems.
One of the key advantages of this upgrade is its ability to integrate with Pakistan’s existing real-time payment systems, including the Real-Time Gross Settlement (RTGS) and Raast, Pakistan’s national payment system. This integration will allow for seamless, real-time payment and settlement processes, boosting the efficiency of financial transactions across the country.
Systems Limited will leverage its expertise in central banking and payment systems, along with specialized accelerators, to ensure the timely and successful upgrade of SBP’s platform. As part of the project, Systems Limited will also provide comprehensive, localized helpdesk support for all Temenos modules and interfaces. This support will enable SBP to continue evolving its operations, ensuring that the central bank remains adaptable to the changing needs of the financial industry.
For Systems Limited, this partnership represents a milestone in its journey to become a leading technology enabler in the region’s banking sector. The collaboration with SBP highlights the company’s role in facilitating digital transformation in Pakistan’s financial infrastructure.
Mr. Asif Peer, Group CEO and Managing Director of Systems Limited, expressed his enthusiasm about the project, calling it a monumental step in Pakistan’s financial transformation. “By leveraging our Central Bank and Payment accelerators alongside Temenos’ advanced technology, we are leapfrogging the modernization journey for the country’s central bank,” he said. “Systems Limited is committed to providing SBP with the tools it needs to support a thriving and secure financial ecosystem.”
Governor of the State Bank of Pakistan, Mr. Jameel Ahmad, also emphasized the significance of this initiative, noting that it is a crucial milestone in SBP’s ongoing efforts to modernize Pakistan’s banking infrastructure. “With the implementation of advanced core banking technology and an integrated payments system, we are reinforcing our ability to oversee and support the country’s rapidly evolving financial landscape. This will further enable SBP to provide a secure, efficient, and scalable platform that will benefit all participants in Pakistan’s financial ecosystem,” said Governor Ahmad.
This collaboration is expected to have a lasting impact on Pakistan’s financial system, providing a secure, efficient, and modern banking infrastructure that supports the country’s economic growth and digital transformation ambitions.