Abdul Ghani

Pakistan’s financial system entered a technologically advanced phase in FY 2024-25 with the launch of PRISM+, the upgraded Real-Time Gross Settlement (RTGS) system that modernises inter-bank and securities-market settlements.

The Annual Payment Systems Review FY 2024-25 released by the State Bank of Pakistan states that PRISM+ processed 5.8 million transactions valued at PKR1,240 trillion, roughly 11 times Pakistan’s GDP. Compared with PKR1,043 trillion a year earlier, the 19 percent increase reflects robust growth in large-value activity. About 72.5 percent of PRISM+ settlements involved government-securities trades.

PRISM+ implements the ISO 20022 global messaging standard, enabling interoperability with advanced international payment systems. It unifies the RTGS and the Central Securities Depository, providing straight-through processing for Treasury Bills and Pakistan Investment Bonds.

The platform introduces real-time liquidity-management dashboards, automated queue handling, and comprehensive audit trails. Role-based access and encrypted messaging enhance operational security.

Banks can now monitor liquidity positions in real time, execute collateral transfers, and meet settlement obligations more efficiently. Automated operations reduce manual interventions and settlement risk. The SBP noted that improved transparency and reliability are expected to attract greater institutional investment in the secondary bond market.

PRISM+ strengthens Pakistan’s financial-market backbone and supports the central bank’s digitalisation agenda under Vision 2028. Economists view the upgrade as essential for efficient monetary-policy transmission and crisis-management capability, as liquidity data are available instantly to regulators.

The SBP intends to expand PRISM+ connectivity to non-bank financial institutions and integrate its data flows with Raast for comprehensive oversight of payment liquidity. The review concludes that PRISM+ aligns Pakistan’s payment architecture with global best practice and signals the country’s readiness for a fully digital financial-market infrastructure.

Credit: INP-WealthPk