The State Bank of Pakistan (SBP) has introduced an advanced payment and settlement system called PRISM+. This comes after the launch of RAAST, an earlier instant payment solution for the country.

Digital Transformation in Payment Infrastructure

In recent years, Pakistan’s financial sector has seen significant digital transformation, encompassing various aspects such as payments, fintech, e-commerce, and banking. The SBP is fostering advancements that enhance service delivery while meeting consumer needs and preferences.

RAAST stands out as the country’s first instant payment system, facilitating immediate transactions among individuals, businesses, and government entities. With over 96 million unique bank account holders and digital wallet users, the SBP highlights RTGS (Real Time Gross Settlement) as crucial for managing large monetary transfers in real time. This system plays a vital role in ensuring liquidity and supporting monetary policy through OMO operations to mitigate financial disruption risks.

PRISM, previously used as Pakistan’s RTGS, handled transactions amounting to USD 3.68 trillion—ten times the country’s GDP. This underscores PRISM’s pivotal role in the broader financial ecosystem, particularly for businesses. Built on ISO 2022 standards, the system supports rich data communication.

PRISM+ further enhances transparency, interoperability, and automation throughout the payment and settlement processes. The new system includes liquidity management tools to streamline fund flows. Developed over a period of 14 months, PRISM+ is considered both a technical tool and a strategic asset by the SBP. It aims to uphold financial stability while fostering digital innovation. The bank’s goal was to establish a global benchmark for best practices in expanding its digital payment infrastructure with a focus on security and compliance.