Payment Systems

 Frequently Asked Questions:

  • PRISM System

1. What are the types of transactions that take place in RTGS?

  • Inter-Bank Funds Transfers.
  • 3rd Party Funds Transfers (as and when allowed by SBP)
  • Delivery vs. Payment (DvP), Delivery vs. Free (DvF) and Intra Day Liquidity (ILF) transactions.
  • Own Account transfers Transactions. (as and when allowed by SBP)
  • Multilateral Net Settlement Batches (MNSB) Transactions from NIFT.

2. Is there any statement of accounts of the transactions in standard accounting form i.e. Debit & Credit form available in the system?

  • Participants can get account statement as follows:
  • Click on Documents in the toolbar then Account Report.
  • Click on Default Account and then Request for Account Report.

3. How and when to cancel a message prepared in Depo/ X.
RTGS Participants can cancel any unsettled transaction if required by clicking “cancel transactions” icon in Transfer table of DEPO/X

4. What methodology is to be adopted to handle the situation when RTGS system is not working because of connectivity problem on either side?
PRISM Participants after verifying the nature of disconnectivity should Contact RTGS PM Office at State Bank of Pakistan for instructions..

5. What procedure to be adopted by the Bank to rectify/reconcile the difference in the funds and / or Securities?
PRISM Participant can reconcile their Funds or Securities balances based on Statement Report issued by SBP BSC Karachi Office.

6. How to get updated list of Indirect Participant?
RTGS PM Office notifies Participants to update their dictionaries in case of any addition/deletion of Participants.

7. What are the Rules of Business” on RTGS.
PRISM Operating Rules have been issued and are readily available at SBP’s Website.

8. How to handle the situation when due to sudden disconnectivity, the fate of underlining transaction being transmitted is not clear (i.e. settled or unsettled)?
Reconnect the system and check the status of the transactions. In case of any issue RTGS PM Office should be contacted.

9. How to check the current/available cash balance in RTGS system?
Every participant can check their current Settlement Account Balance from Controller workplace

10. What are the Criteria of password for security?
Participants should change their Password for operator and controller workplace after a certain period of time as per the IT policy of their institution.

11. How passwords of operator workplace can be changed?
Open Userrightutil.exe from operator workplace directory, use “swift” as user ID and password for authorization and change your operator password as desired.

12. How passwords of controller workplace can be changed?
For changing password in controller Workplace user send request to SBP by clicking on Session in the toolbar then action and change password.

13. What are the timings for PRISM End of the Day?

  • Timings for end of the Day are
  • Monday to Friday 05:00 pm

14. What are the time limits for settling a debit clearing obligation for PRISM Participants in case of lack of funds?
PRISM Participants are required to arrange funds within 15 Minutes after Multilateral Net Settlement Batches (MNSBs) for clearing are posted in PRISM System.

15. If any Participant have shortage of fund in their current account and they make two payments and the payments are in queue which payment settled earlier?
If the priority of both the payment is same then it will settled on FIFO principle that means payment made earlier will be settled first.

16. What is the procedure of printing MT296 for payment to Indirect Participants?

  • Send created payment to server using controller workplace.
  • Check the status of that particular payment (should be settled) in bottom pane of payment window and select that payment.
  • Right click on payment and select option “Request for Status” you will receive MT296 for settlement confirmation, or you can also click on “Get Document Status” button on toolbar of controller workplace for that purpose.
  • To print MT296 message click on Report Window at toolbar or you can select from Menu Document->Reports.
  • Find relevant MT296 of your payment in report window.
  • Right Click on MT296 message and select print option, it will print to your connected default printer.

17. What is the importance of digital signature?
Digital signature is a cryptographic process by which a PRISM message is signed with the sender's Private Signature key so that the recipient of the message with the corresponding public key can accurately determine that the message :(a) is originated from the sender; and (b) Has not been altered since it was signed.

18. Why security issue date not viewed after being selected securities code?
Securities issue dates are available in securities menu.

19. Would it be possible that in MT 543, Name of Bank can also be viewed after BIC of Buyer is selected?
Banks names are available in other tables of Depo/x for reference.

20. How previous Reports for last one month can be retrieved from the RTGS system?
In PRISM when end of the day runs, system generate statement reports and every participant can get them from the menu by adopting the following procedure:

  • Click on Documents in the toolbar then Account Report.
  • In this window a Customer Account Report is available (MT 940)
  • Customer Account Report is available for previous days also until and unless users archive their Data.
  • It may be noted that in DEPOX previous days reports are not available, Therefore Participants should print repots daily after end of the day for their record.

21. How Securities can be moved to and from participant own account to IPS Accounts?
User can move their securities from their own subaccount to IPS subaccount or vice versa by using Delivery vs. Free message (MT 542).Matching required check box in MT 542 should remain unchecked

22. What is meant by Priorities?
Priority indicates the level of urgency a payment can be associated with. For details please see section 8 and 10 of PRISM Operating Rules.

23. Is there any possibility of printing the message before settlement to ensure its correctness by authorized person?
This can be done by clicking on print option before clicking on send button.

24. How complete reports can be retrieved in RTGS in RTGS system?
Complete reports can be retrieved by adopting the following procedure:

  • Click on Documents in the toolbar then Account Report.
  • Click on Default Account and then Request for Interim Transaction Report.

25. What Is Intraday Liquidity Facility (ILF)?
ILF is a fully collateralized intraday liquidity facility designed to meet Intraday liquidity requirement of eligible participants against eligible securities. For details please see section 13 of PRISM Operating Rules.


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