SBP Governor launches PRISM+ to modernize Pakistan’s payment infrastructure

Business Reporter

Karachi: Governor State Bank of Pakistan (SBP) Jameel Ahmad has officially launched the PRISM+ (Real-Time Interbank Settlement Mechanism Plus) system, a major step forward in modernizing Pakistan’s financial market infrastructure.

The launch ceremony was held at the National Institute of Banking and Finance (NIBAF), Karachi, and attended by CEOs of banks, microfinance institutions, payment system operators (PSOs), payment service providers (PSPs), senior SBP officials, and other stakeholders.

In his keynote, the Governor said PRISM+ reflects SBP’s Vision 2028 for strengthening digital financial infrastructure. With this upgrade, Pakistan joins the ranks of countries adopting the ISO 20022 global messaging standard for both retail and large-value payment systems.

Built on advanced technology, PRISM+ offers structured financial messaging, enhanced interoperability, greater transparency, and real-time liquidity management tools. It also introduces features such as transaction queuing and prioritization, future-dated payments, and integration with the Central Securities Depository (CSD) for auctions, repos, and monetary operations.

Governor Ahmad highlighted that the original PRISM system processed transactions worth PKR 1,043 trillion in FY24 — nearly ten times Pakistan’s GDP. PRISM+ will further increase system capacity, efficiency, and reliability to meet growing financial market needs.

He noted the rapid growth of digital adoption in Pakistan, with over 225 million bank and digital wallet accounts, 96 million unique users, 28 million mobile banking app users, 71 million branchless banking users, and 17 million internet banking users.

Reaffirming SBP’s focus on cybersecurity, anti-money laundering (AML), and fraud management frameworks, the Governor stressed that strong safeguards are essential for trust and transparency in the digital economy.

Ahmad acknowledged the World Bank Group’s support under the Financial Inclusion and Infrastructure Project and praised the joint efforts of SBP teams, commercial banks, consultants, and technology partners.

Concluding his remarks, the Governor described PRISM+ as a strategic asset that will empower Pakistan’s payment systems to support innovation, ensure financial stability, and drive a digitally empowered and inclusive economy.