A new era of modern banking in Pakistan, State Bank introduces Prism Plus, while Governor State Bank Jamil Ahmed has said that with the launch of Prism Plus, a new version of the real-time interbank payment settlement system in Pakistan, a new chapter of digital transformation has opened in the country.
He was addressing the introductory ceremony of Prism Plus at the State Bank.
The ceremony was attended by senior officials of the State Bank, as well as prominent figures from the banking industry and representatives of international financial institutions.
On this occasion, the Governor State Bank, while giving details of the transactions made through real-time settlement, said that under the old system, transactions worth Rs 1,430 trillion were processed last year, which is ten times more than the country’s GDP.
The largest share of these was transactions in government securities worth Rs 730 trillion, while 91 percent of the transactions in terms of volume consisted of third-party customer transfers.
He said that 28 million mobile banking apps, 71 million branchless banking and 17 million internet banking users are proof of this digital transformation.
The Governor State Bank said that Prism Plus is based on the latest global standard ISO 20022, which will further strengthen transparency, security and interconnection in financial transactions. The system includes liquidity management tools, scheduling of future payments and integrated features with the Central Securities Depository, which will make auctions, collateral management and open market operations more convenient.
He said that this system, introduced with the support of the World Bank, is a revolutionary development for the financial industry and business community of Pakistan.