ISLAMABAD  -  The State Bank of Pakistan (SBP) will officially launch its upgraded payment and settlement system, called PRISM+, on Tuesday, August 19, 2025.

The event will be led by Governor of State Bank of Pakistan Jameel Ahmad and will bring together senior SBP officials, representatives from financial institutions, and key stakeholders across the financial sector. This advancement marks a significant milestone in the ongoing evolution of Pakistan’s financial infrastructure.

This new system is a major step forward in modernizing how money and government securities move across the country’s financial system.

PRISM+ is based on the global ISO 20022 messaging standard, which is used in many advanced financial systems around the world. It includes two key components:

• A faster Real-Time Gross Settlement (RTGS) system for large payments among participants

• A brand-new Central Securities Depository (CSD) that manages government securities such as T-Bills, PIBs, and other government securities

A) What PRISM+ Offers

1) Faster and Smarter Banking System: PRISM+ brings many new tools and features for banks to better manage their daily operations:

• Real-time transfer of large payments between participants

• Option to schedule payments for a future date

• Priority-based payment processing (important payments are settled first)

• Live dashboards showing balances, pending payments, and settlement status

• Automatic calculation of fees and invoices

2) Better Handling of Government Securities: The CSD in PRISM+ allows banks to buy, sell, and manage government bonds more easily:

• Primary Market Auctions: Banks can submit bids and get results in real-time

• Secondary Market Trading: Banks can submit trade instructions, which are matched and settled quickly

• Collateral Management: Banks can track and value their pledged securities and see how much is available to use

• Open Market Operations: Helps SBP inject or withdraw liquidity in the market and settle transactions instantly

3) Greater Transparency and Security

• Every transaction has a full audit trail

• Role-based access ensures only authorized users can perform actions

• Real-time alerts notify banks about any issues with settlement

B) New Tools for Liquidity and Payment Management

1) Liquidity Saving Queues: To reduce delays and manage liquidity better, PRISM+ uses special queues:

• High-priority payments are settled right away

• Lower-priority payments go into separate queues and are settled in batches to avoid congestion

2) Reserve Earmarking: Banks can set aside funds specifically for systems like Raast, 1Link, NIFT, or NCCPL. This makes sure critical transactions are not delayed due to general liquidity use.

3) Intraday Liquidity Facility (ILF): Banks can get short-term liquidity by assigning eligible government securities. This ensures smooth settlement even during cash shortfalls.

4) Other Improvements

• Longer operating hours for better access

• Payment cancellation and return messages can now be handled in real time

• Option to deposit or withdraw cash at SBP Karachi office for certain operations

C) Why This Matters:

PRISM+ will make Pakistan’s financial system faster, safer, and more modern. It helps participants:

• Move money more efficiently

• Manage liquidity better

• Handle securities transactions with ease

• Reduce risks in the system

The system has been developed in alignment with SBP’s Vision 2028, aiming to establish a modern, inclusive, and robust financial ecosystem. Extensive stakeholder engagement throughout the development process has ensured that PRISM+ reflects international best practices while catering to Pakistan’s unique market needs.