In a major step toward enhancing Pakistan’s digital financial infrastructure, the State Bank of Pakistan (SBP) has officially announced the nationwide rollout of PRISM+, its next-generation Real-Time Gross Settlement (RTGS) and Central Securities Depository (CSD) system, starting from June 16, 2025. This strategic initiative marks a critical milestone in SBP’s broader Vision 2028 to promote digital financial inclusion, improve payment system efficiency, and ensure greater transparency across the financial ecosystem.
PRISM+ is built on the internationally recognized ISO 20022 messaging standard, a robust financial communication framework that enables richer, structured data sharing. By adopting this advanced standard, the new system offers enhanced interoperability, automation, and real-time processing capabilities that bring Pakistan’s payment systems in line with global best practices.
A key feature of the PRISM+ architecture is the introduction of Transitory Accounts, which will improve liquidity management for participating financial institutions. At the beginning of each business day, 80% of the balance in a participant’s Current Account held at SBP BSC Karachi will be transferred into its respective Transitory Account. Institutions will be able to move funds between these two accounts at any point during business hours, allowing greater control and flexibility in managing day-to-day settlement needs.
Additionally, the system enables financial institutions to earmark funds for ancillary services such as Raast, NIFT, and 1Link. This not only streamlines payments but also mitigates systemic risks by encouraging proactive fund management. To support seamless integration, participants are expected to ensure their systems are compatible with PRISM+ and operationally ready to support Straight-Through Processing (STP) via APIs or file adapters.
A key transitional detail involves the support for both legacy MT messages and the new MX (ISO 20022 XML) message format through September 30, 2025. After this date, the native MT/MX converter will be discontinued, and institutions will be required to adopt full MX format for continued compatibility.
Another major change is the shift of branch-level Over-the-Counter (OTC) transactions from RTGS to the Raast platform. By September 30, 2025, all financial institutions are expected to migrate OTC transactions to Raast, aligning with SBP’s goal to consolidate retail payment mechanisms under more efficient platforms.
Participants are also advised to retain comprehensive records of all transactions processed through PRISM+ and ensure swift implementation of all technical communications, advisories, and operational updates issued via PRISM+ Broadcast.
The rollout of PRISM+ signals a transformative moment for Pakistan’s banking and payments landscape. It strengthens the backbone of the financial ecosystem by enhancing security, transparency, and efficiency while laying the groundwork for future innovations. With this upgrade, SBP reaffirms its role in steering the nation toward a digitally inclusive and resilient financial future.
As financial institutions prepare for this transition, the successful implementation of PRISM+ will hinge on timely upgrades, robust compliance, and strategic collaboration across all banking stakeholders.