State Bank of Pakistan, Systems Limited & Temenos modernise Core Banking System

By Gloria Mathias

Systems Limited, a global system integrator and service provider, has announced a landmark agreement with the State Bank of Pakistan (SBP) to upgrade and modernise its core banking platform to the latest Temenos core banking software and implement Temenos Payment Hub to modernise the Central Bank’s payment infrastructure.

Systems Limited will use its domain specialists and accelerators for central banks, as well as its deep expertise, to carry out upgrades for this critical modernisation program.

The modernisation also includes implementing the Temenos Payment Hub, which will allow SBP to streamline real-time domestic and global payments and settlements based on the new SWIFT ISO 20022 MX message standards. This will enable faster and more secure transaction processing and allow integration with RAAST and RTGS real-time payment systems within the ecosystem.

This transformation is pivotal for both SBP and Systems Limited. For SBP, it enhances its capacity to manage critical banking functions and support digital processes while providing a more robust infrastructure to oversee Pakistan’s financial landscape. 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.

Asif PeerGroup, CEO and MD of Systems Limited shared, “This collaboration with the State Bank of Pakistan is a monumental step in our country’s financial transformation. By leveraging our central bank and Payment accelerators alongside Temenos’ advanced technology, we are accelerating and leapfrogging the modernisation journey for the country’s central Bank. Systems Limited is committed to providing SBP with the tools it needs to support a thriving and secure financial ecosystem.”

Jamil Ahmad, Governor of the State Bank of Pakistan, said, “This initiative represents a significant milestone in SBP’s ongoing efforts to modernize Pakistan’s banking infrastructure. 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 SBP to provide a secure, efficient, and scalable platform that will benefit all participants in Pakistan’s financial ecosystem.”

William Moroney, Chief Revenue Officer, Temenos, said, “We are delighted that the State Bank of Pakistan has chosen to extend its long-standing partnership with Temenos, reaffirming its trust in our comprehensive core banking platform. This decision underscores the confidence the State Bank of Pakistan places in our ability to deliver unparalleled functionality, deep localisation, and continuous innovation. Powered by Temenos, the State Bank of Pakistan is well-positioned to drive growth, enhance customer experiences, and lead the way in the dynamic banking landscape of Pakistan.”