SBP partners with Systems Limited

KARACHI: The State Bank of Pakistan (SBP) and Systems Limited have announced an agreement to upgrade and modernise its core banking platform to the latest Temenos core banking software and implementation of best-in-class Temenos Payment Hub to modernise the payment infrastructure of the central bank, a statement said on Tuesday.

Systems Limited will be utilising its domain specialists and accelerators for central banks, as well as deep expertise in carrying out upgrades, for this critical modernisation programme. The modernisation also includes the implementation of Temenos Payment Hub, which will allow the SBP to streamline real-time domestic and global payments and settlements based on the new SWIFT ISO 20022 MX message standards, enabling faster and more secure transaction processing as well as allow integration with RAAST and RTGS real-time payment systems within the ecosystem.

Systems Limited will provide comprehensive localised helpdesk support for all Temenos modules and interfaces, ensuring that the SBP can continue to innovate and evolve alongside the changing needs of the financial industry.

This transformation is pivotal for both the SBP and Systems Limited. For the SBP, it enhances its capacity to manage critical banking functions and support digital processes while providing a more robust infrastructure to oversee the financial landscape of Pakistan. For Systems Limited, partnering with the country’s central bank marks a milestone in its journey as a premier technology enabler in the region’s banking sector.

Governor of the SBP Jameel Ahmad said, “Powered by Temenos, [the SBP] is well-positioned to drive growth, enhance customer experiences, and lead the way in the dynamic banking landscape of Pakistan.”

Group CEO and MD of Systems Limited Asif Peer said “With the implementation of advanced core banking technology and an integrated payments system, we are reinforcing our ability to oversee and support the country’s rapidly evolving financial landscape. This will further enable the SBP to provide a secure, efficient and scalable platform that will benefit all participants in Pakistan’s financial ecosystem.”