Operating Rules for Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+)

In order to strengthen the country’s financial market infrastructure, the State Bank of Pakistan launched new Real Time Gross Settlement system (RTGS), known as PRISM+ (Pakistan Real-Time Interbank Settlement Mechanism Plus) on June 16, 2025. In addition to offering enhanced functionalities, PRISM+ offers a broader operational scope by integrating the Central Securities Depository (CSD) module with the funds module.

2.        Accordingly, SBP after consultation with relevant stakeholders has comprehensively revised PRISM+ Operating Rules to reflect the updated system features and requirements to ensure alignment with international best practices. These Rules provide a comprehensive framework governing PRISM+ operations including participation criteria, CSD operations, account management, settlement & finality, efficiency & effectiveness, operational continuity etc.

3.        These Rules shall supersede PRISM Operating Rules previously issued vide PSD Circular 02 of 2018, and shall be applicable to all existing as well as future participants of PRISM+. These Rules shall come into force with immediate effect.

4.        In case of any queries, please contact Settlement Division of Digital Innovation & Settlements Department at [email protected].

5.        Please acknowledge receipt.

Encl: Operating Rules for Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+)