KARACHI: The State Bank of Pakistan (SBP) is set to launch its upgraded payment and settlement system, PRISM+, on August 19, according to confirmation from the Central Bank’s media wing.
Built on the global ISO 20022 messaging standard, PRISM+ aims to overhaul how money and government securities move across Pakistan’s financial system. The new platform introduces a faster Real-Time Gross Settlement (RTGS) system for large-value transactions and a Central Securities Depository (CSD) for managing instruments like treasury bills and Pakistan Investment Bonds.
PRISM+ equips banks with new tools to enhance operational efficiency, including the real-time transfer of high-value payments, scheduling of future transactions, priority-based processing, and live dashboards for balances and settlements. The system also automates fee and invoice calculations.
The CSD component of PRISM+ allows banks to participate in primary auctions with real-time bidding and results, trade government securities in the secondary market, and manage collateral more effectively. Additionally, the system supports open market operations, enabling SBP to inject or withdraw liquidity with instant settlement.
To ensure security, PRISM+ incorporates role-based access controls, full audit trails, and real-time alerts. It also includes liquidity-saving mechanisms to prioritize urgent payments, with dedicated reserve earmarking to ensure the uninterrupted settlement of critical systems like Raast, 1Link, and NCCPL.
Furthermore, banks will have access to an Intraday Liquidity Facility backed by eligible government securities. The platform also offers extended operating hours, faster handling of cancellations and returns, and streamlined cash operations at SBP’s Karachi office.
