Pakistan Launches PRISM+ Payment System

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KARACHI, The State Bank of Pakistan (SBP) on Tuesday launched the country’s new Real-Time Interbank Settlement Mechanism Plus (PRISM+) system, describing it as an upgrade to strengthen Pakistan’s payment infrastructure while encouraging a more market-driven, digitally efficient economy.

The launch event, held at the National Institute of Banking and Finance (NIBAF) in Islamabad, was attended by senior SBP officials, CEOs of banks, microfinance institutions, payment system operators, and other stakeholders. SBP Governor Jameel Ahmad presided over the ceremony and emphasized the system’s role in reducing inefficiencies and promoting private-sector innovation.

“PRISM+ reflects the SBP’s focus on creating conditions where financial institutions can operate more efficiently and independently in line with our Vision 2028,” Governor Ahmad said. “With this system, Pakistan joins a select group of countries adopting the ISO 20022 global messaging standard for both retail and large-value payments.”

PRISM+ is designed to enhance functionality, interoperability, and transparency in Pakistan’s payment systems. The platform introduces features such as structured financial messaging, real-time liquidity management tools, transaction queuing and prioritization, future-dated payments, and integration with the Central Securities Depository (CSD) for auctions, repos, and monetary operations.

The Governor underlined that large-value payment systems are central to financial market stability. Last fiscal year, the existing PRISM system processed transactions totaling more than PKR 1,043 trillion, roughly ten times Pakistan’s GDP. PRISM+ is expected to expand capacity without requiring excessive government intervention, allowing banks to manage higher volumes through improved technology.

Governor Ahmad also noted Pakistan’s growing shift toward digital transactions, pointing to increases in consumer adoption of online banking services. The country now has over 225 million bank and digital wallet accounts, with 96 million unique users. There are 28 million registered banking app users, 71 million branchless banking users, and 17 million internet banking users.

To safeguard users without creating regulatory overreach, the SBP has required strict frameworks for cybersecurity, anti-money laundering (AML), and fraud management to preserve trust and stability in the financial system as digital adoption rises.

The World Bank Group provided technical and financial support for the project under the Financial Inclusion and Infrastructure Project. Governor Ahmad acknowledged SBP teams and experts who oversaw PRISM+ from planning to implementation.

PRISM+ is expected to support broader financial participation while ensuring banks and individuals can transact securely on a platform driven by efficiency and accountability.