FSS rolls out instant payment system

FSS has introduced a central payment clearing and settlement system to enable instant domestic and international remittances.

The new FSS Instant Payments system will enable regulators to develop payment rails at a low cost.

The system can be customised to meet the unique compliance requirements of different countries.

FSS Instant Payments will enable users to make transactions through bank accounts, wallets and cards. It will also facilitate immediate settlement and availability of funds.

Moreover, the new system will enable quick on-ramp to the central payment infrastructure, through its Financial Messaging Gateway that allows payment service providers to expose APIs to monetise infrastructure investments.

FSS will sketch out risk governance and management structures for the new system in consultation with central regulators.

FSS president – products business Suresh Rajagopalan said: “Instant real-time payment rails would enable countries architect a modern digital real-time payment infrastructure and exploit massive growth opportunities, arising from an on-demand, always-on 24/7 connected economy.

“By democratising access to payment rails and creating a level-playing field for fintechs, banks and financial institutions, FSS Instant Payments would have a multiplier impact on transaction growth and adoption of digital payments by customers.”