FSS Instant Payments helps financial institutions in offering improved services to the customers. This involves initiation and receipt of payments all throughout the day and round the year, including weekends and holidays, making payments via any payment instrument-bank accounts and cards, quick settlement and availability of funds and streamline payments in a comparatively simple way.
“We are excited about the launch of FSS Instant Payments. 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 democratizing 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,” said Suresh Rajagopalan, President – Products Business, FSS