SBP to launch PRISM+ RTGS, CSD system on June 16

June 12, 2025 (MLN): In line with its Vision 2028, the State Bank of Pakistan (SBP) is set to launch the upgraded Real-Time Gross Settlement (RTGS) and Central Securities Depository (CSD) system, PRISM+, on June 16, 2025.

This milestone marks a significant advancement in Pakistan’s National Digital Payments Infrastructure, as per the press release issued.

Built on the ISO 20022 financial messaging standard, PRISM+ enables structured and data-rich financial communication, supporting greater transparency, interoperability, and automation across the payment and settlement ecosystem.

The system introduces enhanced features for liquidity management, transaction queuing and prioritization, and scheduling of future-dated payments.

Participants will benefit from customizable dashboards, alerts, query tools, and downloadable settlement position statements via a web-based module for real-time initiation, monitoring, and approval of transactions.

The new CSD platform also facilitates money market operations such as auctions of government securities, secondary market transactions, collateral management, and open market operations.

For settlement, Transitory Accounts have been introduced. At the beginning of each business day, 80% of the Participants’ Current Account balances held with SBP BSC (Karachi) will be transferred to their respective Transitory Accounts.

Participants can move funds between Current and Transitory Accounts at any time during business hours and allocate funds for ancillary clearing needs such as Raast, NIFT, and 1Link.

 SBP advises participants to proactively maintain adequate liquidity to mitigate systemic risks.

To ensure Straight-Through Processing (STP), participants must achieve operational readiness through the APIs or file adapters provided.

PRISM+ will support both MT and MX (ISO 20022 XML) message formats until September 30, 2025.

From October 1, 2025, the native MT/MX converter facility will be discontinued.

All participants must use the Raast Over-the-Counter (OTC) facility for branch-initiated customer transactions currently processed via RTGS.

The RTGS OTC facility will be fully replaced by Raast OTC in all branches by September 30, 2025.

Participants are instructed to review and align their operational processes for seamless integration of PRISM+.

They must also retain historical transaction data processed through PRISM+ and ensure its availability upon request.

All communications from PRISM+ Broadcast, including technical documentation, user manuals, system advisories, and operational updates, must be implemented promptly.

A dedicated help desk has been established at SBP to support the transition. Participants may contact the helpdesk during PRISM+ operating hours for issue resolution and clarification.