The State Bank of Pakistan (SBP) has formally launched its upgraded Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+) after the original system processed transactions worth over Rs1,043 trillion in FY24, equal to ten times the size of Pakistan's GDP.
SBP Governor Jameel Ahmad said the massive transaction volumes highlighted the strategic importance of large-value payment systems in financial markets. PRISM+, he added, would expand the system's capacity and efficiency to meet growing needs.
He was addressing stakeholders at the launch ceremony held at the National Institute of Banking and Finance (NIBAF) in Karachi. The event was attended by CEOs of banks, microfinance institutions, payment system operators (PSOs), payment service providers (PSPs), senior SBP officials and stakeholders.
Built on the ISO 20022 global messaging standard, PRISM+ places Pakistan among a small group of countries adopting the state-of-the-art framework for both retail and wholesale payments. The new system enables structured financial messaging, improved interoperability, and greater transparency.
PRISM+ also introduces advanced features such as real-time liquidity management tools, transaction queuing and prioritisation, future-dated payments, and seamless integration with the Central Securities Depository (CSD) for auctions, repos, and monetary operations.
Ahmad said the initiative reflects SBP's Vision 2028 to modernise digital financial infrastructure. He pointed to Pakistan's rapid shift toward digital finance, noting that the country now has over 225 million bank and digital wallet accounts, including 96 million unique users. Around 28 million people use banking apps, 71 million rely on branchless banking, while 17 million access internet banking.
The governor reaffirmed SBP's strong focus on the security and resilience of payment systems. "As we expand Pakistan's digital infrastructure, SBP has mandated strict cybersecurity, anti-money laundering and fraud control frameworks to ensure trust and transparency," he said.
He acknowledged the World Bank Group's support under the Financial Inclusion and Infrastructure Project and praised the efforts of SBP teams, consultants, and partner banks in executing the upgrade.
In his concluding remarks, Ahmad described PRISM+ as a "strategic asset" that will enable the country's payment systems to meet future demands, support innovation, and enhance financial stability.
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