PRISM (Pakistan Real-time Interbank Settlement Mechanism) System, as a part of Payment Systems reforms, was implemented in July, 2008 by SBP with a significant initial investment in the project. The system is working satisfactorily for the last 2 ½ years for electronic settlement of funds and government securities transactions.

You will appreciate that, to keep the system efficient, it needs to be maintained and upgraded in line with international practices. It has, therefore, been decided in consultation with the stakeholders to partially offset the maintenance and future upgradation costs, a nominal service charge of Rs 200 per transaction in PRISM System from all PRISM Direct Participants shall be recovered with immediate effect. Levy of service charges per transaction and their recovery will be as under:

 

Sr. No	Transaction Types	Chargeability
1.	All Interbank Funds Transfers (IFTs) including Customer Transfers	Remitting Bank
2.	Government Securities transactions (excluding transaction with SBP)	Buyer of Securities (Bank sending MT 541)

 

Transactions charges will be calculated & recovered on monthly basis on the 3rd working day of following month from participant’s current account maintained at SBP BSC (Bank) Karachi Office. A “transactions charges recovery report” shall also be subsequently sent to each PRISM participant for their information and record.

Please acknowledge the receipt.