The State Bank of Pakistan (SBP) has introduced an enhanced payment and settlement system called PRISM+. This update follows the rollout of RAAST, an instant payment system in Pakistan.

Modernizing Payment Systems with ISO Standards

The SBP aims to digitize various sectors within the financial landscape of Pakistan, including payments, fintech, ecommerce, and banking. With PRISM+, the country’s retail and large-value payment systems will adhere to the latest ISO standards.

Retail and business transactions in Pakistan are increasingly moving online, with over 96 million unique bank account owners and digital wallet users. The SBP highlights the importance of RTGS (Real Time Gross Settlement) for managing liquidity and supporting monetary policy through Open Market Operations (OMO).

PRISM has been pivotal, processing transactions worth USD 3.68 trillion—ten times greater than Pakistan’s GDP. This underscores its role in sustaining the broader financial ecosystem, particularly in facilitating business operations.

Innovations and Advantages of PRISM+

The new system brings enhanced transparency, interoperability, and automation to payment journeys. PRISM+ includes advanced liquidity management tools for fund flow control and required 14 months to develop and launch.

SBP regards PRISM+ as both a technical solution and a strategic asset crucial for maintaining financial stability and fostering digital innovation. The bank’s goal is to align its systems with international best practices, thereby enabling more secure and compliant digital payments infrastructure.