KARACHI: The State Bank of Pakistan (SBP) has officially launched PRISM+, a new Real-Time Interbank Settlement Mechanism, to modernise the country’s payment infrastructure and promote a digitally inclusive economy.

This initiative marks a key milestone in the ongoing development of Pakistan’s financial market infrastructure.

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

SBP Governor Jameel Ahmed highlighted that PRISM+ aligns with the central bank’s Vision 2028, aiming to bolster Pakistan’s digital financial infrastructure. With PRISM+, Pakistan joins a select group of countries adopting the ISO 20022 global messaging standard for both retail and large-value payment systems.

Built on advanced standards, PRISM+ offers enhanced functionality, including structured financial messaging, improved interoperability, and greater transparency.

The system also introduces innovative features such as real-time liquidity management, transaction queuing and prioritisation, future-dated payments, and seamless integration with the Central Securities Depository (CSD) for auctions, repos, and monetary operations.

Published in Dawn, August 21st, 2025