The State Bank of Pakistan formally launched PRISM+ on August 19, 2025, replacing the legacy PRISM Real-Time Gross Settlement system. The upgrade integrates RTGS with Pakistan's first Central Securities Depository (CSD) and adopts ISO 20022 messaging standards.
What Changed
PRISM+ brings Pakistan's high-value payment infrastructure in line with global standards (SWIFT CBPR+, Fedwire, TARGET). The integrated CSD eliminates the need for separate securities settlement infrastructure, streamlining government bond trading and monetary policy operations. First full quarter results (Q1 FY26): total transaction value up 14%, with government securities transactions reaching PKR 254 trillion.
Raast Milestone
Pakistan's instant payment system Raast hit 1.5 billion cumulative transactions by FY25, with Q3 FY25 alone recording 371 million transactions worth PKR 8.5 trillion. SBP mandated that all government payments (salaries, pensions, social welfare, vendor payments) route through Raast by end of FY 2025-26 and allocated PKR 3.5 billion in subsidies for merchant QR adoption.
What This Means
Pakistan leapfrogged to ISO 20022 on its RTGS, aligning with the global migration wave. The government payment mandate will drive substantial Raast volume growth. For payments professionals, Pakistan's dual upgrade - modern RTGS plus rapidly scaling instant payments - positions it as one of the most dynamic payment markets in South Asia.
Sources: SBP, The Paypers