The State Bank of Pakistan (SBP) has launched a new digital payment system called PRISM Plus, opening a new chapter in the country’s banking sector. Governor Jameel Ahmed introduced the system during a ceremony in Karachi, attended by senior officials, banking leaders, and representatives of international financial institutions.
The Governor explained that PRISM Plus is a real-time interbank payment settlement system that makes financial transactions faster, safer, and more transparent. Last year, under the old PRISM system, transactions worth PKR 1,043 trillion were processed10 times higher than Pakistan’s GDP. Most of these were government securities worth PKR 730 trillion, while 91% of transactions by volume were customer transfers.
State Bank of Pakistan Announces First Monetary Policy for 2025
Digital banking in Pakistan is also expanding quickly. The country now has 28 million mobile banking users, 71 million branchless banking customers, and 17 million internet banking users, proving the shift toward digital services.
PRISM Plus follows the global ISO 20022 standard, which ensures international-level transparency and security. The new system includes modern features such as liquidity management, scheduled payments, and integration with the Central Securities Depository. These tools will make auctions, collateral management, and open market operations much easier.
The project was developed with the support of the World Bank Group and successfully implemented within just 14 months. Commercial banks across Pakistan also worked closely with the State Bank to make the system a success.
According to Governor Ahmed, Pakistan’s payment system is now competitive on a global scale. Security is a top priority, and with 225 million bank accounts and digital wallets, including 96 million unique account holders, PRISM Plus will play a key role in strengthening Pakistan’s digital economy.
FAQs
1. What is PRISM Plus?
It is Pakistan’s new real-time interbank payment system introduced by the State Bank.
2. How does PRISM Plus improve banking?
It makes transactions faster, more secure, and more transparent while reducing delays.
3. How many people use digital banking in Pakistan?
There are 28 million mobile banking users, 71 million branchless banking customers, and 17 million internet banking users.
4. Who supported the PRISM Plus project?
The World Bank provided technical assistance, and commercial banks helped in its development.
5. Why is PRISM Plus important for Pakistan?
It strengthens digital payments, supports economic growth, and ensures Pakistan stays competitive globally.
