The State Bank of Pakistan (SBP) is taking a significant step toward transforming the country’s digital payment infrastructure with the official launch of the Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+). Scheduled to go live on June 16, 2025, PRISM+ is a major technological upgrade under SBP’s Vision 2028 initiative. The rollout marks a critical milestone in modernizing and securing Pakistan’s national payment systems.
PRISM+ is built on the ISO 20022 financial messaging standard, enabling enriched, structured, and data-driven financial communication. This global standard enhances transparency, interoperability, and automation across the financial ecosystem. With the implementation of PRISM+, Pakistan joins a growing list of countries that are adopting more efficient and future-proof payment systems.
The advanced capabilities of PRISM+ aim to streamline interbank settlement processes and provide enhanced financial services to stakeholders. Key features of the system include sophisticated liquidity management tools, transaction queuing and prioritization, future-dated payment scheduling, and customizable dashboards with real-time alerts and monitoring. A web-based module also enables financial institutions to approve and manage transactions in real time.
One of the critical innovations introduced with PRISM+ is the integration of a Central Securities Depository (CSD). This system enhancement supports various money market operations such as government securities auctions, secondary market transactions, collateral management, and open market operations. These functionalities are designed to make financial markets more efficient and responsive to real-time data.
To support daily settlements more efficiently, PRISM+ introduces Transitory Accounts. At the beginning of each business day, 80% of a participant’s balance from their Current Account with SBP Banking Services Corporation (Karachi) will be transferred to their Transitory Account. These accounts provide institutions with the flexibility to manage their liquidity effectively throughout the day and facilitate ancillary clearing needs for platforms such as Raast, NIFT, and 1Link.
In order to ensure seamless Straight-Through Processing (STP), all participants are required to integrate their systems with PRISM+ using APIs or file adapters. To accommodate the transition, both MT and MX (ISO 20022 XML) message formats will be supported until September 30, 2025. However, the MT/MX converter facility will be decommissioned starting October 1, 2025, urging institutions to fully adopt ISO 20022 standards by then.
SBP has also directed all financial institutions to migrate customer-initiated transactions from RTGS Over-the-Counter (OTC) services to Raast OTC services by September 30, 2025. This directive is in line with SBP’s vision to streamline and standardize customer transaction services across branches.
All participating institutions are advised to review their operational frameworks and ensure they are aligned with the new system. Additionally, they must retain all transaction data processed via PRISM+ to maintain accessibility and compliance.
The launch of PRISM+ represents a major leap forward in Pakistan’s journey toward a more inclusive, efficient, and secure financial ecosystem. This initiative underscores SBP’s commitment to adopting global best practices and strengthening the country’s digital financial infrastructure.
