By Ahmed Siddique
The State Bank of Pakistan (SBP) has officially announced the upcoming launch of PRISM+, a next-generation system designed to modernize and refine the country’s digital payments infrastructure.
The new system, Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+), is scheduled to release June 16, 2025, and represents a major leap in the evolution of Pakistan’s financial sector.
PRISM+ is built upon the ISO 20022 financial messaging standard, a globally recognized protocol that enhances the efficiency, transparency, and consistency of financial communications. By adopting this international standard, PRISM+ positions Pakistan’s financial system to seamlessly integrate with global financial networks and improve interoperability across institutions.
Key features of the new system include the ability to customize dashboards, allowing financial institutions and regulators to tailor their interface and data presentation to meet specific operational needs. In addition, PRISM+ introduces real-time alerts and monitoring capabilities, which are crucial for enhancing lucidity, improving risk management, and ensuring greater oversight of financial transactions.
Another major advancement within PRISM+ is the integration of a Central Securities Depository (CSD) platform, which is expected to significantly enhance the management of financial instruments. The CSD will play a vital role in facilitating Government Securities Auctions, open market operations, and secondary market transactions, thereby streamlining the entire securities lifecycle and improving market efficiency.
The launch of PRISM+ aligns with SBP’s broader vision to promote digital innovation, financial inclusion, and a more resilient financial ecosystem. By leveraging modern technologies and global standards, the PRISM+ system is poised to support economic growth, increase trust in digital payment systems, and strengthen Pakistan’s overall financial infrastructure.
