Published on, Aug. 19 — August 19, 2025 7:24 AM
The Central Bank of Pakistan (CBP), known as the State Bank of Pakistan (SBP), plans to introduce its enhanced payment and settlement platform named PRISM+ on Tuesday, August 19, 2025. The ceremony will be presided over by the Governor of the State Bank of Pakistan, Mr. Jameel Ahmad, with participation from high-ranking SBP personnel, delegates from banking entities, and important players within the finance industry. This development represents an essential step forward in the continuous improvement of Pakistan’s financial framework.
This innovative framework marks a significant advancement in updating the way funds and governmental assets circulate within the nation’s monetary network.
PRISM+ is based on the global ISO 20022 messaging standard, which is used in many advanced financial systems around the world. It includes two key components:
An improved Real-Time Gross Settlement (RTGS) system designed for swift processing of major transactions between involved parties
A completely new Central Securities Depository (CSD) responsible for handling government instruments like Treasury Bills, Public Investment Bonds, and additional government-related financial assets
What PRISM+ Provides: A Quicker and More Intelligent Banking System: PRISM+ introduces various innovative tools and functionalities for banks to enhance their everyday management processes:
Immediate transfer of significant transactions among users Choice to plan payments for a later day
Payment handling based on priority (key transactions are processed initially)
Real-time dashboards displaying account balances, outstanding payments, and transaction processing status
Automated computation of charges and bills
Enhanced Management of Sovereign Securities: The CSD within PRISM+ enables banks to purchase, trade, and oversee government bonds with greater ease:
Primary Market Auctions: Financial institutions may place offers and receive outcomes instantly
Trading in the Secondary Market: Financial institutions may send transaction orders, which are promptly paired and finalized.
Risk Administration: Financial institutions have the ability to monitor and assess their collateralized assets, as well as determine the amount that can be utilized.
Monetary Policy Tools: Assists the State Bank of Pakistan in adding or removing funds from the economy and facilitating immediate transaction settlements
Enhanced Visibility and Safety: Each transaction comes with a complete record of activity
Role-based access ensures only authorized users can perform actions
Real-time alerts notify banks about any issues with settlement
Innovative Solutions for Managing Cash Flow and Payments
Liquidity Saving Queues: To reduce delays and manage liquidity better, PRISM+ uses special queues:
High-priority payments are settled right away
Payments with lower priority are placed in distinct queues and processed in groups to prevent overcrowding.
Reserve Earmarking: Banks can set aside funds specifically for systems like Raast, 1Link, NIFT, or NCCPL. This makes sure critical transactions are not delayed due to general liquidity use.
Intraday Liquidity Facility (ILF): Financial institutions have the option to obtain temporary funding by pledging qualifying government bonds. This mechanism helps maintain seamless transactions despite temporary fund shortages.
Other Improvements
Longer operating hours for better access: Payment cancellation and return messages can now be handled in real time
Facility to deposit or withdraw cash at the SBP Karachi branch for specific transactions
The platform was created in accordance with SBP’s Vision 2028, seeking to build a contemporary, accessible, and strong financial environment. Comprehensive involvement of stakeholders during the creation phase has made sure that PRISM+ incorporates global standard approaches while addressing Pakistan’s specific market requirements.