By Moaaz Manzoor

PRISM, Pakistan’s Real-Time Gross Settlement (RTGS) system, processed and settled transactions worth Rs370 trillion during the second quarter of fiscal year 2025-26, reflecting continued activity in large-value payments across the financial system. According to the Payment Systems Quarterly Review for Q2 FY26, available with Wealth Pakistan, PRISM handled around 1.7 million transactions during the quarter.

In value terms, this represented a 5.2% increase compared to the previous quarter, indicating steady growth in high-value settlements. The report shows that transactions in government securities accounted for the largest share of the total settlement value processed through PRISM. Approximately 69% of the total value settled during the quarter was linked to government securities, highlighting their dominant role within the RTGS system.

Other categories of transactions processed through PRISM included inter-bank fund transfers, third-party customer transfers, and ancillary clearing settlements. While these transactions constituted a significant portion of total volume, their share in value terms remained smaller compared to government securities. The data indicates that customer-initiated and inter-bank fund transfers made up the majority of transactions by volume, accounting for around 95% of total PRISM transactions.

However, in value terms, these transactions represented a smaller share of the overall settlement amount. Transactions in government securities showed an increase compared to the same quarter of the previous year, rising to Rs255 trillion. Inter-bank fund transfers and third-party customer transfers also recorded growth in value, along with ancillary clearing settlements. PRISM serves as Pakistan’s central platform for settling large-value and time-critical payments.

The system is used by banks, financial institutions, and other participants for interbank transfers, government securities transactions, and clearing operations. The report notes that PRISM has been upgraded with advanced features, particularly for government securities operations. These enhancements are aimed at improving efficiency and supporting the settlement needs of financial institutions.

The RTGS system operates on a real-time basis, enabling immediate settlement of transactions between participating institutions. This reduces settlement risk and supports the smooth functioning of the financial system. Overall, the data for Q2 FY26 shows that PRISM continues to play a central role in Pakistan’s payment infrastructure, facilitating high-value transactions and supporting the settlement of government securities, interbank transfers, and other financial activities.

Credit: INP-WealthPk