Launch of the Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+)

As envisaged in its Vision 2028, SBP is launching the Real-Time Gross Settlement (RTGS) and Central Securities Depository (CSD) system, PRISM+ w.e.f. June 16, 2025. The completion of this strategic project substantially upgrades the National Digital Payments Infrastructure.

2.         PRISM+ is built on the ISO 20022 financial messaging standard which supports structured and data-rich financial communication, enabling enhanced transparency, interoperability, and automation across the payment and settlement ecosystem. It includes new features for liquidity management, transaction queuing and prioritization, and scheduling of future dated payments. The system offers customizable dashboards, alerts, query tools, and downloadable settlement position statements using a web based module for real time initiation, monitoring, and approval of transactions. The new system also provides a Central Securities Depository (CSD) platform for money market operations such as auction of government securities, sale and purchase of securities in the secondary market, collateral management and open market operations. Detailed features of PRISM+ are given in Annexure.

3.         For settlement purposes, Transitory Accounts have been opened in the new system. At the start of each business day, the system will transfer 80% of balances from the Participants’ Current Account held with SBP BSC (Karachi) to their respective Transitory Accounts. To facilitate participants in managing their day-to-day liquidity, they will be able to transfer funds between their Current and Transitory Accounts at any time during business hours. Participants can also allocate funds for ancillary clearings needs (e.g., Raast, NIFT, and 1Link). Accordingly, to mitigate systemic risks, participants are advised to maintain sufficient funds for their settlement needs on proactive basis.

4.         Participants are also advised to ensure operational readiness for performing their Straight-Through Processing (STP) via PRISM+ through either the APIs or file adapters facility offered by the system. In order to facilitate the smooth transition of STP systems to the new MX format, PRISM+ will support both MT and the new MX (ISO 20022 XML) message formats up to September 30, 2025. Accordingly, the use of native MT/MX converter facility will be discontinued w.e.f. October 1, 2025.

5.         All participants are advised to use Raast Over-the-Counter (OTC) facility for branch initiated customer transactions that are presently being transferred using RTGS. Accordingly, all participants shall replace the RTGS OTC facility with Raast OTC in all their branches by September 30, 2025.

6.      Participants are advised to review and align their operational processes and frameworks to ensure seamless and efficient integration and adoption of the new system.

7.         Furthermore, it is advised to retain historical data of all transactions processed through PRISM+ and ensure its availability as and when required.
8.         Participants shall ensure that all communications pertaining to the system including technical documentation, user manuals, system advisories, and operational updates conveyed through PRISM+ Broadcast are implemented in a timely manner.

9.         For facilitating smooth transition to the new system, a dedicated helpdesk has been established at SBP. Participants are encouraged to contact the helpdesk via email at [email protected] or by phone at 021-3311-3402/3416/3410/3416/3497 during PRISM+ operating hours for reporting issues or seeking any clarifications.

10.       Please ensure compliance with the above instructions. Non-compliance may lead to restrictions or suspension of system access, and may attract regulatory action as deemed appropriate.

11.       All other instructions shall remain unchanged.

12.       Please acknowledge receipt.

Enclosed: Annexure

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