Launch of PRISM+ in State Bank of Pakistan (SBP)
July 1, 2025
On June 17, 2025, the State Bank of Pakistan (SBP) launched the Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+), enhancing the National Digital Payments Infrastructure with ISO 20022 standards and AI-driven architecture.
Maxim Neshcheret, CMA’s Regional Director for Asia-Pacific/Central Asia, remarked, “This launch positions Pakistan at the forefront of financial systems, paralleling our recent deployment of Vietnam’s DEPO/X CSD. PRISM+ embodies a new era of integrated RTGS-CSD platforms, where ISO 20022 compliance meets advanced analytics to unlock liquidity and scalability.”
PRISM+ merges ISO 20022 standards with CMA’s next-gen AI-driven architecture, featuring Smart Settlement Routing: ML resolves gridlocks in LSM queues, prioritizing high-value payments.
Bulat Nizamov, Director of Capital Markets Products at CMA, highlighted the platform's transformative potential: “PRISM+ transcends mere automation; it represents cognitive infrastructure. T+0 isn’t just about speed; it creates opportunities for faster capital recycling and enhanced yields. Our algorithms revolutionize collateral management, liquidity forecasting, and risk mitigation, converting reactive tasks into strategic advantages. In a high-growth market like Pakistan, these capabilities are essential for optimizing billions in annual liquidity.”
Key Features of PRISM+:
1. Real-Time Settlement Infrastructure:
- Immediate finality for high-value interbank transfers
- Future-dated payment scheduling and transaction prioritization
- Customizable dashboards for real-time balance monitoring
2. Central Securities Depository (CSD) Platform:
- Modules for primary auctions, secondary trading, and AI-driven algorithms
- Islamic government securities auction capabilities
- Efficient collateral management and open market operations
- T+0 settlement for both interbank transfers and securities trades
3. Proactive Risk Mitigation:
- Automated provisioning and liquidity-saving mechanisms
- Extended operating hours and real-time payment cancellationsI
Igor Kozintsev, VP of CMA, emphasized: “With PRISM+, we have built the financial backbone of Pakistan, honoring its Islamic identity while achieving global interoperability. The dual-system architecture integrates both conventional and Sharia-compliant liquidity pools, fostering a robust financial ecosystem and minimizing settlement risks. This initiative ensures that Pakistan maintains complete control over its financial infrastructure.”
