The State Bank of Pakistan (SBP) has introduced revised operating rules for its PRISM+ system, the country’s core real-time interbank payment and settlement platform, marking a structural update aimed at strengthening financial market infrastructure and improving the efficiency of large-value fund transfers across the banking sector. The updated framework reflects SBP’s ongoing efforts to modernize payment systems in line with evolving international standards and operational requirements of the financial ecosystem.
PRISM+, short for Pakistan Real-Time Interbank Settlement Mechanism Plus, was officially launched on June 16, 2025, as a successor to the earlier PRISM system. The upgraded platform was designed to enhance functionality, expand operational capacity, and introduce improved settlement capabilities for both funds and securities transactions. As a central component of Pakistan’s financial infrastructure, PRISM+ plays a critical role in enabling instant settlement of high-value payments between banks, ensuring liquidity efficiency and systemic stability within the banking sector.
Under the newly issued notice, SBP has revised the operating rules of PRISM+ following extensive consultation with key stakeholders, including financial institutions and system participants. The objective of these revisions is to align the operational structure of the platform with globally recognized best practices in payment system governance, risk management, and settlement finality. The updated rules are intended to enhance transparency, operational resilience, and efficiency across all levels of system usage.
The revised framework outlines several core operational areas, including eligibility criteria for participation, account management procedures, transaction settlement processes, and mechanisms to ensure system continuity in case of operational disruptions. These updates are designed to provide a more structured and secure environment for participants while improving the overall reliability of interbank financial transactions.
A major enhancement introduced within the PRISM+ ecosystem is the integration of the Central Securities Depository (CSD) module with the funds settlement module. This integration enables more seamless coordination between securities transfers and cash settlement, improving operational efficiency for transactions involving government securities and other eligible financial instruments. By linking both systems, SBP aims to reduce settlement friction and strengthen the overall post-trade infrastructure of the financial market.
The updated PRISM+ operating rules also replace the previously issued PRISM framework introduced in 2018. With this transition, all existing and future participants of the system will now operate under the revised regulatory and operational structure with immediate effect. The move represents a full regulatory refresh of the country’s high-value payment infrastructure, ensuring that it remains aligned with modern financial system requirements and technological advancements.
PRISM+ continues to serve as a foundational component of Pakistan’s banking and payments architecture, enabling real-time settlement of interbank obligations and supporting liquidity management across financial institutions. With the latest regulatory update, SBP is further reinforcing the stability and efficiency of the country’s payment systems while expanding the technological capabilities of its financial market infrastructure.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem