Immediate Payment Service, commonly known as IMPS, is an instant real time interbank electronic funds transfer service. This service can be accessed any time 24X7X365 and across channels like Internet, Mobile, ATM and Branch. This facility is provided by NPCI through NFS Switch. Messages used for the connection between the NPCI Central switch, remitter and beneficiary is based on ISO-8583:1987 standard.

To make it more scalable and future ready, it is imperative to migrate it to customizable API based XML messaging. This new XML platform allows more data carrying capacity to capture originator details for domestic and FIR transactions. It will also allow Banks to have a common code for multiple NPCI platforms like IMPS and UPI, enabling optimization of resources and making the ecosystem future ready through API based solutions.