The State Bank of Pakistan (SBP) has taken a major step forward in the country’s financial digitization journey with the launch of its upgraded payment and settlement system, PRISM+. The new system strengthens Pakistan’s digital financial infrastructure and positions the country among a select group of nations that have adopted modern international standards in payment systems.
Announcing the launch, SBP Governor Jameel Ahmad emphasized that PRISM+ represents a transformative upgrade that aligns Pakistan’s payment infrastructure with the ISO 20022 financial messaging standard. This development, he noted, not only ensures stronger interoperability with global financial systems but also enhances transparency, automation, and liquidity management capabilities. He acknowledged the World Bank’s support in helping bring the project to fruition.
The governor highlighted that Pakistan’s financial services landscape has been undergoing a rapid digital transformation, with significant changes across payments, fintech, e-commerce, and banking. Innovations in digital service delivery and evolving consumer preferences are fueling this momentum, enabling greater adoption of online financial tools and platforms. Among the most notable recent developments is the launch of RAAST, the country’s first instant payment system, which allows end-to-end digital payments between individuals, businesses, and government entities.
Pakistan’s progress in financial inclusion and digitization can also be seen in the growing user base of digital financial services. According to SBP figures, more than 225 million bank and digital wallet accounts are active across the country, representing around 96 million unique account holders. The ecosystem now includes 28 million registered users of commercial bank apps, 71 million branchless banking app users, and 17 million internet banking users. This shift signals a strong public embrace of digital financial platforms, supported by both traditional banks and fintech players.
A key part of the SBP’s digital financial infrastructure has been the Real Time Gross Settlement (RTGS) system, known as PRISM. It plays a central role in ensuring the smooth transfer of large-value funds between banks, thereby safeguarding liquidity flows, supporting monetary policy, and reducing systemic financial risks. In 2024 alone, PRISM processed transactions valued at over Rs. 1,043 trillion—nearly ten times the size of Pakistan’s GDP.
Building on this foundation, PRISM+ introduces advanced capabilities that will further strengthen the stability and efficiency of Pakistan’s payment ecosystem. Governor Ahmad explained that the system has been designed to prioritize security, while also supporting innovation and future scalability. The upgraded system was completed and made fully operational in just 14 months, underscoring the urgency of advancing Pakistan’s digital transformation agenda.
By adopting the ISO 20022 standard, PRISM+ brings Pakistan in line with global best practices in financial messaging. This alignment not only enhances compatibility with international financial systems but also equips local banks and institutions with modern tools to support cross-border trade and investment. With improved transparency, real-time automation, and advanced liquidity management features, the system will serve as a strategic asset for maintaining financial stability and driving innovation in the digital economy.
Governor Ahmad described PRISM+ as a milestone that will safeguard Pakistan’s financial system in the digital era. He reaffirmed SBP’s commitment to expanding digital payment infrastructure and supporting an ecosystem that encourages innovation, financial inclusion, and sustainable growth.
