The State Bank of Pakistan (SBP) is preparing to launch its upgraded payment and settlement platform, PRISM+, across the country tomorrow. The introduction of this system marks a transformative milestone in the modernization of Pakistan’s financial infrastructure, promising to enhance speed, security, and efficiency in the movement of funds and government securities.
PRISM+, which operates on the internationally recognized ISO 20022 messaging standard, brings Pakistan in line with global best practices. The platform incorporates two key components: a faster Real-Time Gross Settlement (RTGS) system that handles large-value interbank payments, and a new Central Securities Depository (CSD) designed to manage government securities including Treasury Bills, Pakistan Investment Bonds, and other state-backed instruments.
For banks and financial institutions, PRISM+ offers a wide range of features that improve day-to-day operations. It allows real-time transfer of high-value payments between participants, scheduling of transactions for future dates, and priority-based processing where critical payments are settled first. A live dashboard provides visibility into balances, pending transactions, and settlement statuses, while the system automatically generates detailed fee and invoice calculations.
The CSD component of PRISM+ is expected to streamline securities management in both the primary and secondary markets. Through this system, banks can submit bids in government auctions, receive real-time results, and execute trades in the secondary market with quick matching and settlement of instructions. Collateral management is also improved, as banks can monitor pledged securities, evaluate collateral values, and track resources more accurately. Additionally, the platform supports open market operations, allowing SBP to inject or withdraw liquidity instantly when required.
PRISM+ introduces several tools for liquidity and payment management that were previously unavailable. A liquidity-saving mechanism helps prevent congestion by ensuring high-priority transactions are settled promptly, while less urgent payments are queued efficiently. Banks can earmark dedicated reserves for systems such as Raast, 1Link, NIFT, and NCCPL, safeguarding critical payment channels from being disrupted due to liquidity shortages. To further support smooth operations, the Intraday Liquidity Facility (ILF) enables banks to borrow short-term liquidity against eligible government securities.
Security and transparency are central to PRISM+. Every transaction includes a complete audit trail, and access to the system is role-based, ensuring that only authorized personnel can initiate or approve actions. Real-time alerts notify institutions about settlement issues, minimizing the risks associated with delays or technical problems.
Extended operating hours, real-time cancellation and return handling, and the ability to manage certain cash operations at the SBP’s Karachi office are additional improvements under the new framework. These enhancements collectively aim to deliver a more resilient and efficient financial ecosystem for the country.
The launch of PRISM+ is aligned with the SBP’s Vision 2028, which seeks to establish a modern, inclusive, and technology-driven financial system in Pakistan. The project has undergone extensive consultations with stakeholders, ensuring that the platform not only incorporates global standards but also addresses the specific needs of Pakistan’s banking and capital market participants.
By introducing PRISM+, the State Bank of Pakistan is laying the groundwork for a faster, safer, and more transparent financial system. The upgrade is expected to help financial institutions manage liquidity better, reduce systemic risks, and improve the overall efficiency of money and securities flows in the country.