Karachi: State Bank of Pakistan (SBP)  and Systems Limited announces a landmark agreement to upgrade and modernize its Core banking platform to the latest Temenos core banking software and implementation of best-in-class Temenos Payment Hub to modernize the Payment Infrastructure of the Central Bank.

Systems Limited will be utilizing its domain specialists and accelerators for Central banks, as well as deep expertise in carrying out upgrades, for this critical modernization program. The modernization also includes the implementation of 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, 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 localized helpdesk support for all Temenos modules and interfaces, ensuring that SBP can continue to innovate and evolve alongside the changing needs of the financial industry. 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 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. Jamil Ahmad, Governor, State Bank of Pakistan said  “This decision underscores the confidence State Bank of Pakistan places in our ability to deliver unparalleled functionality, deep localization and continuous innovation. Powered by Temenos, State Bank of Pakistan is well-positioned to drive growth, enhance customer experiences, and lead the way in the dynamic banking landscape of Pakistan. Asif Peer, Group CEO and MD, Systems Limited 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 SBP to provide a secure, efficient, and scalable platform that will benefit all participants in Pakistan’s financial ecosystem.”