SBP to Launch PRISM+ to Modernize Pakistan’s Digital Payment Ecosystem

KARACHI:The State Bank of Pakistan (SBP), as part of its Vision 2028 initiative, has announced the official launch of the Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+), which will go live onJune 16, 2025. The new system is a major upgrade to the country’s National Digital Payments Infrastructure. PRISM+ is built on theISO 20022 financial messaging standard, enabling structured and data-rich financial communication. This will enhancetransparency, interoperability, andautomationacross the payments and settlement ecosystem in Pakistan. Key features of PRISM+ include: Advanced liquidity management tools Transaction queuing and prioritization Scheduling of future-dated payments Customizable dashboards, alerts, and query tools Real-time monitoring and approval of transactions via a web-based module Additionally, PRISM+ introduces aCentral Securities Depository (CSD)to facilitatemoney marketoperations such as: Government securitiesauctions Secondary market transactions Collateral management Open market operations To support daily settlements,Transitory Accountshave been established. At the start of each business day, 80% of a participant’s balance from their Current Account held with SBP BSC (Karachi) will be transferred to their Transitory Account. Institutions can manage liquidity by transferring funds between these accounts during business hours and allocate funds for ancillary clearing needs such asRaast, NIFT, and1Link. To ensure seamless Straight-Through Processing (STP), participants must integrate their systems with PRISM+ throughAPIs or file adapters. For a smoother transition, PRISM+ will support bothMT and MX (ISO 20022 XML)message formats untilSeptember 30, 2025. TheMT/MX converter facility will be discontinued from October 1, 2025. In line with efforts to streamline customer transactions, SBP has directed all financial institutions to adoptRaast Over-the-Counter (OTC)services in place of RTGS OTC for branch-initiated customer transactions. This transition must be completed bySeptember 30, 2025. TheSBP has also urgedall participants toreview and align their operational frameworkswith the new system and retainhistorical transaction dataprocessed through PRISM+ to ensure accessibility when required. This major infrastructure revamp is expected to bolsterPakistan’s digital payment landscapeand contribute significantly toward a more inclusive, efficient, and secure financial ecosystem.