SBP Prism Plus Set to Transform Pakistan’s Financial Landscape
The State Bank of Pakistan (SBP) is set to officially unveil its advanced payment and settlement system, SBP Prism Plus, on Tuesday. Built on the internationally recognized ISO 20022 financial messaging standard, this transformative platform marks a significant milestone in Pakistan’s ongoing efforts to modernize its financial ecosystem.
The SBP, in its official statement released Monday, emphasized that the launch of Prism Plus will greatly improve transparency, interoperability, and automation in payment and securities settlement processes across the country. The system introduces real-time capabilities, sophisticated liquidity management tools, and scheduled payment features — all designed to bring efficiency and stability to Pakistan’s financial sector.
Key Features of the SBP Prism Plus System
Enhanced Financial Messaging and Transparency
Prism Plus is designed around ISO 20022, a global standard that allows structured and rich data exchange. This ensures:
- Higher data accuracy
- Improved traceability
- Better compliance and reporting
- Cross-border interoperability
Advanced Capabilities for Liquidity and Risk Management
The platform comes equipped with features to:
- Prioritize and queue transactions
- Enable future-dated payment scheduling
- Optimize liquidity usage for financial institutions
The introduction of SBP Prism Plus aims to mitigate systemic risks and streamline money transfer processes.
Dual Components of Prism Plus
SBP Prism Plus consists of two core components that elevate its functionality:
| Component | Purpose |
|---|---|
| Real-Time Gross Settlement System (RTGS) | Handles high-value transactions instantly between financial institutions |
| Central Securities Depository (CSD) | Manages government securities including T-Bills and Pakistan Investment Bonds (PIBs) |
Both systems work in tandem to process transactions more securely and efficiently, contributing to a robust financial infrastructure.
A Strategic Leap Toward Vision 2028
This launch is part of the SBP’s broader Vision 2028, which seeks to establish a modern, resilient, and inclusive financial system. According to the central bank, SBP Prism Plus will serve as the foundation for Pakistan’s long-term financial digitalization goals.
Governor Jameel Ahmed will preside over the launch ceremony, which will see participation from top-tier SBP officials, banking executives, and stakeholders from across the financial sector.
Supporting Digital Growth Amid Surge in Transactions
Pakistan’s appetite for digital payments continues to grow. In the third quarter of FY25:
- Retail payment volume increased by 12%, reaching 2,408 million transactions
- Transaction value grew by 8%, touching Rs164 trillion
Raast, Pakistan’s instant payment platform, processed 371 million transactions worth Rs8.5 trillion during the quarter. Since its inception, Raast has completed over 1.5 billion transactions valued at Rs34 trillion.
Similarly, the Real-Time Gross Settlement System (RTGS) handled 1.5 million high-value transactions, totaling a massive Rs347 trillion.
Digital Currency and Virtual Assets: What’s Next?
The SBP is also planning a pilot launch of a digital currency, as revealed by Governor Ahmed last month. Legislation is currently being finalized to regulate virtual assets, signaling a forward-looking approach to digital finance in Pakistan.
This aligns with the government’s broader fintech strategy to ensure transparency, inclusion, and technological innovation in the financial sector.
Internal Link Suggestion:
Read more on Raast’s digital impact on Pakistan’s banking sector
External Link Suggestion:
Learn more about ISO 20022 standards on Swift.com
Conclusion
The introduction of SBP Prism Plus is more than just a technical upgrade — it’s a pivotal leap toward redefining how financial transactions are executed in Pakistan. By adopting international standards, enhancing liquidity management, and enabling real-time settlements, Pakistan is taking a decisive step into the future of finance.
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