{"id":23339,"date":"2025-08-20T19:15:20","date_gmt":"2025-08-20T19:15:20","guid":{"rendered":"https:\/\/gsrra.com\/?p=23339"},"modified":"2025-08-20T19:15:22","modified_gmt":"2025-08-20T19:15:22","slug":"pakistan-launches-prism-to-upgrade-payment-and-settlement-system","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=23339","title":{"rendered":"Pakistan launches PRISM+ to upgrade payment and settlement system"},"content":{"rendered":"\n

The State Bank of Pakistan (SBP) launched its upgraded payment and settlement system, PRISM+<\/a>, on Tuesday.<\/strong><\/p>\n\n\n\n

\u201cPreviously, we launched RAAST, Pakistan\u2019s instant payment system. With today\u2019s launch, Pakistan joins those few countries whose retail and large value payment systems and other infrastructure are based on the latest ISO standard,\u201d said SBP Governor Jameel Ahmad, while addressing the launching ceremony.<\/p>\n\n\n\n

The central bank chief acknowledged the contribution of the World Bank in bringing \u201cthis project to life\u201d.<\/p>\n\n\n\n

\u201cToday, our financial landscape is rapidly digitising across payments, fintech, e-commerce and banking. We see innovation driving change both in service delivery and consumer preferences\u201d.<\/p>\n\n\n\n

He said the recent digitisation of the ecosystem is visible in the emergence of retail payment infrastructure, i.e. RAAST.<\/p>\n\n\n\n

RAAST is Pakistan\u2019s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously.<\/p>\n\n\n\n

Ahmad informed that Pakistan has over 225 million bank account holders and digital wallet holders, of which around 96 million are unique. \u201cWe have 28 million registered users of banking apps of commercial banks, 71 million users of branchless banking apps and 17 million users of the internet banking platform,\u201d he said.<\/p>\n\n\n\n

The central bank chief highlighted the RTGS [Real Time Gross Settlement], a system for transferring large sums of money between banks in real-time.<\/p>\n\n\n\n

\u201cIt ensures liquidity flows and supports the implementation of monetary policy through open market operations (OMO). The RTGS minimizes the risk of financial disruptions,\u201d he said.<\/p>\n\n\n\n

Talking about PRISM [Pakistan Real-time Interbank Settlement Mechanism], the RTGS used in Pakistan, Jameel shared that in 2024, PRISM processed transactions worth Rs1,043 trillion. \u201cTo put this in perspective, PRISM processed transactions 10 times the country\u2019s GDP,\u201d he said.<\/p>\n\n\n\n

\u201cThis shows the extent to which the PRISM supports the broader financial industry, especially our business community.<\/p>\n\n\n\n

\u201cWith the implementation of PRISM+, we now move toward the next stage of progress. This system is built on the ISO 2022 financial messaging standard, which supports structured and data-rich financial communications.\u201d<\/p>\n\n\n\n

He said PRISM+ also offers enhanced transparency, interoperability and automation across the payment and settlement ecosystem. \u201cThis new platform also introduces advanced features, including liquidity management tools for smooth funds flow,\u201d he said.<\/p>\n\n\n\n

Jameel said Pakistan\u2019s payment system now stands at par with global best practices.<\/p>\n\n\n\n

\u201cAs we expand our digital payment infrastructure, security remains our key regulatory priority,\u201d he said. Jameel emphasised that Pakistan\u2019s financial system must remain secure, transparent and trusted.<\/p>\n\n\n\n

\u201cPRISM+ is not just a technical system; it is a strategic asset to safeguard financial stability and support innovations of the new digital age,\u201d he concluded.<\/p>\n\n\n\n

Reference Link:- https:\/\/www.brecorder.com\/news\/40378641\/pakistan-launches-prism-to-upgrade-payment-and-settlement-system<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The State Bank of Pakistan (SBP) launched its upgraded payment and settlement system, PRISM+, on Tuesday. \u201cPreviously, we launched RAAST, Pakistan\u2019s instant payment system. With today\u2019s launch, Pakistan joins those few countries whose retail and large value payment systems and other infrastructure are based on the latest ISO standard,\u201d said SBP Governor Jameel Ahmad, while addressing […]<\/p>\n","protected":false},"author":1,"featured_media":23340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[2300,9646,2900,132,22960,105,36,22961,22959,22956,22958],"class_list":["post-23339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-modernization-2","tag-banking","tag-digitalization","tag-economy","tag-fancial-system","tag-geopolitics-2","tag-pakistan","tag-pakistan-launches-prism-to-upgrade-payment-and-settlement-system","tag-payment-system-2","tag-prism","tag-settlement-system"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/23339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23339"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/23339\/revisions"}],"predecessor-version":[{"id":23341,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/23339\/revisions\/23341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/23340"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}