Pakistan launches PRISM+ to upgrade payment and settlement system

The State Bank of Pakistan (SBP) launched its upgraded payment and settlement system, PRISM+, on Tuesday.

“Previously, we launched RAAST, Pakistan’s instant payment system. With today’s launch, Pakistan joins those few countries whose retail and large value payment systems and other infrastructure are based on the latest ISO standard,” said SBP Governor Jameel Ahmad, while addressing the launching ceremony.

The central bank chief acknowledged the contribution of the World Bank in bringing “this project to life”.

“Today, our financial landscape is rapidly digitising across payments, fintech, e-commerce and banking. We see innovation driving change both in service delivery and consumer preferences”.

He said the recent digitisation of the ecosystem is visible in the emergence of retail payment infrastructure, i.e. RAAST.

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RAAST is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously.

Ahmad informed that Pakistan has over 225 million bank account holders and digital wallet holders, of which around 96 million are unique. “We have 28 million registered users of banking apps of commercial banks, 71 million users of branchless banking apps and 17 million users of the internet banking platform,” he said.

The central bank chief highlighted the RTGS [Real Time Gross Settlement], a system for transferring large sums of money between banks in real-time.

“It ensures liquidity flows and supports the implementation of monetary policy through open market operations (OMO). The RTGS minimizes the risk of financial disruptions,” he said.

Talking about PRISM [Pakistan Real-time Interbank Settlement Mechanism], the RTGS used in Pakistan, Jameel shared that in 2024, PRISM processed transactions worth Rs1,043 trillion. “To put this in perspective, PRISM processed transactions 10 times the country’s GDP,” he said.

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“This shows the extent to which the PRISM supports the broader financial industry, especially our business community.

“With the implementation of PRISM+, we now move toward the next stage of progress. This system is built on the ISO 2022 financial messaging standard, which supports structured and data-rich financial communications.”

He said PRISM+ also offers enhanced transparency, interoperability and automation across the payment and settlement ecosystem. “This new platform also introduces advanced features, including liquidity management tools for smooth funds flow,” he said.

Jameel said Pakistan’s payment system now stands at par with global best practices.

“As we expand our digital payment infrastructure, security remains our key regulatory priority,” he said. Jameel emphasised that Pakistan’s financial system must remain secure, transparent and trusted.

“PRISM+ is not just a technical system; it is a strategic asset to safeguard financial stability and support innovations of the new digital age,” he concluded.