The State Bank of Pakistan (SBP) has launched the Real-Time Interbank Settlement Mechanism Plus (PRISM+), a next-generation payment system aimed at modernising the country’s financial infrastructure.
By adopting the ISO 20022 international messaging standard, Pakistan has joined a select group of nations that use this globally recognised protocol for both high-value transactions and retail payments. The new system brings several advanced features, including real-time liquidity management, transaction prioritisation, and the ability to pre-schedule payments.
PRISM+ is also fully integrated with the Central Securities Depository, enabling broader financial market functions and enhancing operational efficiency.
At the system’s inauguration, held at the National Institute of Banking and Finance (NIBAF) in Karachi, SBP Governor Jameel Ahmad highlighted PRISM+ as a milestone in strengthening Pakistan’s payments landscape. “With PRISM+, we are enhancing both capacity and efficiency to meet the growing needs of the financial market,” he said.
The governor credited the World Bank Group’s support under the Financial Inclusion and Infrastructure Project, along with the contributions of SBP’s team, commercial banks, and technology partners, for making PRISM+ a reality.
He noted that the original PRISM had already processed transactions exceeding ten times the country’s GDP in the last fiscal year, underlining the critical role of such systems in Pakistan’s economy.
Governor Ahmad also emphasised the SBP’s commitment to ensuring cybersecurity, anti-money laundering (AML) compliance, and fraud management controls, reinforcing trust in the financial system.
Sharing the scale of Pakistan’s digital financial ecosystem, he stated that the country now hosts over 225 million bank and digital wallet accounts, including 96 million unique users, 28 million mobile banking app users, 71 million branchless banking users, and 17 million internet banking users.