Karachi, Pakistan – November 2024 – Systems Limited, a global leader in technology solutions, has partnered with the State Bank of Pakistan (SBP) to modernize its core banking platform. Leveraging Temenos’ cutting-edge core banking software and the advanced Temenos Payment Hub, this initiative aims to revolutionize the central bank’s payment infrastructure.
The modernization program focuses on upgrading SBP’s banking systems using Systems Limited’s domain expertise and specialized accelerators for central banks. By implementing the Temenos Payment Hub, SBP will enhance real-time domestic and international payments and settlements. The adoption of the new SWIFT ISO 20022 MX message standards will facilitate faster and more secure transactions while integrating seamlessly with RAAST and RTGS payment systems.
Systems Limited will also provide localized helpdesk support for all Temenos modules and interfaces, ensuring SBP’s operations evolve alongside the dynamic needs of the financial sector.
This transformation strengthens SBP’s capacity to manage critical banking functions and support digital processes. It establishes a robust infrastructure to oversee Pakistan’s financial ecosystem. For Systems Limited, this collaboration with the central bank signifies a milestone in its mission to lead technological advancements in the regional banking sector.
Key Statements:
- Asif Peer (Group CEO and MD, Systems Limited):
“This partnership is a pivotal moment for financial transformation in Pakistan. Using our Central Bank and Payment accelerators alongside Temenos’ technology, we are fast-tracking SBP’s modernization journey. Systems Limited remains dedicated to equipping SBP with the tools needed to build a secure and thriving financial ecosystem.” - Jamil Ahmad (Governor, SBP):
“This initiative underscores SBP’s commitment to modernizing Pakistan’s banking infrastructure. Advanced core banking and integrated payments systems will bolster our oversight capabilities and support the nation’s evolving financial landscape. The transformation ensures a secure, efficient, and scalable platform for all stakeholders in the financial ecosystem.” - William Moroney (Chief Revenue Officer, Temenos):
“We are honored to deepen our partnership with SBP. This collaboration highlights SBP’s trust in Temenos’ core banking platform. With our technology, SBP is well-equipped to drive growth, elevate customer experiences, and lead Pakistan’s dynamic banking sector.Stay tuned and visit CxO Global FORUM or CxO News for all the latest updates.
