ISLAMABAD (Kashmir English): The State Bank of Pakistan (SBP) will officially launch its latest payment and settlement system, named Prism Plus, today (Tuesday).
A statement issued by the central bank said Prism Plus is built on the ISO 20022 financial messaging standard, which supports structured and data-rich financial communication, enabling enhanced transparency, interoperability, and automation across the payment and settlement ecosystem.
The update includes new features for liquidity management, transaction queuing and prioritisation, and scheduling of future-dated payments.
Prism Plus will make financial system safer: State Bank
The central bank believes that the Prism Plus will make the country’s financial system safer, faster, and more modern.
The statement said that with the introduction of Prism Plus, efficient money transfer, better liquidity management of securities transactions and minimal risks in the system would be achieved.
The launching ceremony will be chaired by Governor State Bank Jameel Ahmed and will be attended by senior SBP officials, representatives of financial institutions and key stakeholders from the financial sector, according to the statement.
“This development is a significant milestone in the ongoing development of Pakistan’s financial infrastructure,” the SBP said.
This new system is a significant step towards modernising the way funds and government securities transactions are handled in the country’s financial structure.
According to the central bank, the new system had two main components: A faster Real-time Gross Settlement System (RTGS) for large-value payments between different participants, and secondly the brand-new Central Securities Depository (CSD) that manages government securities, such as T-bills, PIBs, and other government securities.
The system has been developed in alignment with SBP’s Vision 2028, which aims to establish a modern, inclusive, and robust financial ecosystem.
