The State Bank of Pakistan has launched PRISM+, Pakistan’s new Real-Time Interbank Settlement Mechanism Plus system, as part of a broader modernization of the country’s payment and settlement infrastructure. The platform implements the ISO 20022 global messaging standard for both retail and large-value payment systems. PRISM+ is designed to improve structured financial messaging, interoperability and transparency, and adds real-time liquidity management tools, transaction queuing and prioritization, and future-dated payments. It also integrates with the Central Securities Depository for auctions, repos and monetary operations. SBP cited the scale of large-value flows handled by the existing PRISM system, which processed over PKR 1,043 trillion in FY24, and positioned PRISM+ as enhancing capacity and efficiency to meet growing market needs; SBP also referenced mandated cybersecurity, anti-money laundering and fraud management and controls frameworks, and noted World Bank Group support under the Financial Inclusion and Infrastructure Project.
State Bank of Pakistan 2025-08-19
State Bank of Pakistan launches PRISM+ to upgrade real-time settlement and adopt ISO 20022 across retail and large-value payments
The State Bank of Pakistan has launched PRISM+, a Real-Time Interbank Settlement Mechanism Plus system, to modernize payment infrastructure. PRISM+ uses the ISO 20022 messaging standard, enhancing financial messaging, interoperability, and transparency, while adding liquidity management tools and integrating with the Central Securities Depository. It aims to improve capacity and efficiency, supported by cybersecurity, anti-money laundering, and fraud management frameworks, with backing from the World Bank Group.