The State Bank of Pakistan (SBP) will officially launch its last payment and liquidation system, called Prism Plus, on Tuesday.
A statement issued on Monday by the Central Bank said that Prism Plus is based on the ISO 20022 financial messaging standard, which supports structured financial communication and data rich, which allows greater transparency, interoperability and automation throughout the payment and liquidation ecosystem.
The system includes new features for liquidity management, transaction tail and prioritization, and payment programming with future date.
Prism Plus will cause Pakistan’s financial system to be faster, safe and more modern, according to the SBP.
He said that the transfer of efficient money, a better liquidity management of values transactions and the minimum risks in the system would be achieved with the introduction of PRISM Plus.
The statement added that the launch event will be chaired by the governor of the state bank Jameel Ahmed and will attend senior SBP officials, representatives of financial institutions and key interests of the financial sector.
“This development is a significant milestone in the continuous development of Pakistan’s financial infrastructure,” said the SBP.
This new system is a significant step to modernize the way in which the transactions of government values and governmental values in the country’s financial structure are handled.
The Central Bank added that the new system had two main components:
- A faster system of the gross liquidation system (RTGS) for high -value payments among different participants
- A new central securities deposit (CSD) that manages government values, such as T-Facts, Pibs and other governmental values.
The system has been developed in alignment with SBP’s Vision 2028, whose objective is to establish a modern, inclusive and robust financial ecosystem.
Last month, Ahmed had said that the institution planned to launch a pilot for a digital currency and was completing the legislation to regulate virtual assets as the government increased efforts to modernize the country’s financial system.
In June, retail payment volumes increased by 12 percent year -on -year to 2,408 million transactions in the third quarter of fiscal year 2015, while the general transaction value increased by 8PC to RS164 billion.
Payment systems operated by SBP, RAST and the gross settlement system (RTG) in real time played a fundamental role in faster digital payments.
Rast processed 371m transactions worth RS8.5tr during the quarter, which leads to its accumulative total to more than 1.5 billion transactions valued in more than RS34TR from the launch. RTGS facilitated 1.5 m transactions of great value that amount to RS347TR during the period.
