State Bank of Pakistan (SBP) will launch its upgraded payment and settlement system, PRISM+, tomorrow, marking a major step in strengthening the country’s financial infrastructure. The system is designed to improve how money and government securities move across the economy, ensuring faster, safer, and more transparent transactions for financial institutions. Built on the ISO 20022 messaging standard, PRISM+ aligns Pakistan’s settlement systems with global practices and introduces both an enhanced Real-Time Gross Settlement (RTGS) platform for large-value payments and a Central Securities Depository (CSD) to manage government securities such as Treasury Bills and Pakistan Investment Bonds.
PRISM+ equips banks with advanced tools to streamline daily operations and manage liquidity more effectively. Participants will now have access to features such as real-time transfers of large payments, scheduling of future-dated settlements, priority-based payment handling, and comprehensive dashboards to track balances, pending transactions, and settlement statuses. Automated fee and invoice calculations further enhance operational efficiency. On the securities side, the new CSD allows banks to participate directly in primary market auctions with real-time bid submissions, conduct secondary market trading with quicker matching and settlement, and manage collateral with tools for tracking pledged securities and assessing liquidity availability. The system also supports SBP’s open market operations, enabling instant injection or withdrawal of liquidity.
Security and transparency are central to PRISM+. Every transaction will carry a complete audit trail, with role-based access ensuring that only authorized users can conduct sensitive actions. Real-time alerts notify participants about any settlement issues, allowing for faster resolutions. The liquidity management features include liquidity-saving queues that prioritize urgent payments, while less critical ones are batched to prevent congestion. Banks can also earmark reserves specifically for systems such as Raast, 1Link, NIFT, and NCCPL, ensuring uninterrupted processing of critical transactions. In times of cash shortages, the Intraday Liquidity Facility (ILF) provides banks with immediate access to funds through the assignment of eligible government securities, helping to keep operations stable.
Further enhancements include extended operating hours, improved handling of payment cancellations and returns, and cash deposit or withdrawal options at the SBP Karachi office for certain functions. Together, these upgrades give banks greater flexibility, efficiency, and reliability in managing both payments and securities. Developed under SBP’s Vision 2028, PRISM+ is the result of extensive consultation with stakeholders to ensure international standards are met while tailoring the system to Pakistan’s unique financial landscape. With its launch, SBP is reinforcing the foundation of a more modern and resilient financial system that will serve as a backbone for banking operations across the country.
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