Instant Payment System is a system of electronic payments that are processed in real time, 24 hours a day, 365 days a year, where the funds are made available immediately for use by the recipient. The main goal of establishing IPS is to provide an option for users to make fast, cheap transfers and payments from one account to another using convenient, modern, and innovative access channels and methods of initiating payment transactions.

Besides, the growth of e-Commerce has caused changes in people's spending patterns. Shopping is no longer confined to regular business hours, creating new challenges for funds transfers. Similarly, merchants require faster and more reliable money transfer systems to keep up with consumers' demands.

IPS will foster the development of the payment infrastructure, meet market and user expectations, promote financial inclusion, and increase noncash settlements.