By Moaaz Manzoor

Pakistan's Real-time Gross Settlement (RTGS) system, PRISM+, continued to serve as the backbone of the country's financial infrastructure during the third quarter of FY2025-26, settling transactions worth Rs389.8 trillion as banks, financial institutions and government entities relied on the platform for large-value payments, according to the State Bank of Pakistan's Payment Systems Quarterly Review.

The report shows that PRISM+ processed 1.5 million transactions amounting to Rs389.8 trillion during January-March 2026. Although the number of transactions remained relatively small compared with retail payment channels, the system handled the overwhelming majority of the country's high-value financial settlements.

PRISM+ is Pakistan's real-time gross settlement system operated by the State Bank of Pakistan. Unlike retail payment platforms that facilitate everyday transactions such as fund transfers and bill payments, PRISM+ is designed for large-value interbank payments requiring immediate and final settlement. The platform is widely used for interbank fund transfers, government securities settlements, open market operations and other critical financial transactions.

The report indicates that interbank fund transfers accounted for the largest share of PRISM+ activity during the quarter. The system also played a central role in facilitating transactions involving Pakistan Investment Bonds, Market Treasury Bills, Sukuk and other government securities, enabling the smooth functioning of the domestic financial market.

As Pakistan's primary settlement infrastructure, PRISM+ reduces settlement risk by ensuring that transactions are completed individually and irrevocably in real time. This allows banks to manage liquidity more efficiently while strengthening confidence in the country's payment and settlement framework.

The report highlights that PRISM+ remains a critical component of Pakistan's financial stability architecture, supporting monetary operations conducted by the State Bank as well as payment obligations between commercial banks and financial institutions. The uninterrupted functioning of the platform is essential for maintaining liquidity across the banking system and ensuring the timely settlement of high-value obligations.

While retail digital payments have expanded rapidly in recent years through mobile banking, Raast and digital wallets, high-value wholesale transactions continue to depend on PRISM+. The coexistence of both systems reflects the dual structure of Pakistan's payment ecosystem, where digital retail channels serve consumers while PRISM+ supports the broader financial system.

Similarly, during the third quarter, retail digital channels processed 3.4 billion transactions worth Rs68.3 trillion, while PRISM+ simultaneously settled nearly Rs390 trillion in wholesale transactions, illustrating the different yet complementary roles of the country's payment systems.

The State Bank's report suggests that as payment volumes continue to grow, strengthening both retail and wholesale payment infrastructure will remain essential for improving financial efficiency, supporting monetary operations and ensuring the resilience of Pakistan's increasingly digital financial system.

Credit: INP-WealthPk