AfricaNenda
Center of Excellence

Reference Guide for Inclusive Instant Payment Scheme Rules

A comprehensive framework for developing scheme rules, offering legal, operational, and governance foundations to build secure and accessible IPS across Africa.

Version 1.0
Glossary of Terms

Overview

Executive Summary1. Introduction2. Guiding Approach3. Legal Framework4. Participation Agreements5. Core Components of Scheme Rules6. Pricing Policy7. Education & Awareness8. Conclusion and Path Forward

Annexes

Annex 1: GlossaryAnnex 2: Global BenchmarkingAnnex 3: Key Performance MetricsAnnex 4: Financial Inclusion MetricsAnnex 5: Key Components of Scheme RulesAnnex 6: Participant Compliance ReportingAnnex 7: Examples of Existing IPS

AfricaNenda © 2026 · Reference Guide v1.0

Annex 2: Global Benchmarking

4 min read1 sections602 wordsIPS Reference Guide v1.0

1. Overview

Instant PaymentCountyLaunch dateScheme ManagerSystem OperatorMessage standardsProxy directorySettlement Model
UK FSPUnited Kingdom2008Pay.UK (formerly Faster Payments Scheme LimitedVocalink (a Mastercard company)ISO 8583 (legacy format), moving toward ISO 20022Centralized (Paym service for mobile number proxy)Deferred Net Settlement
SEPA Instant Credit Transfer (SCT Inst)Pan-European (SEPA zone)European Payment CouncilMultiple clearing mechanisms (EBA CLEARING's RT1, ECB's TIPS, ..)ISO 20022 XMLDecentralized (varies by country/provider)Varies by clearing mechanism (TIPS offers real-time settlement in central bank money)
Real-Time Payments (RTP)United States2017The Clearing HouseThe Clearing HouseISO 20022 XMLdoesn’t support use of aliases or proxies for payments. Though the network allows third parties to enable payment. E.g. Paypay and VenmoReal-time settlement through at Federal Reserve
PIXBrazil2020Banco Central do BrasilBanco Central do BrasilISO 20022 XMLCentralisedReal-time settlement in central bank money
FedNow ServiceUnited States2023Federal ReserveFederal ReserveISO 20022 XMLDecentralized (managed by participating institutionsReal-time settlement in central bank money
Unified Payments Interface (UPI)India2016National Payments Corporation of India (NPCI)National Payments Corporation of India (NPCI)Proprietary message XMLCentralized (NPCI manages virtual payment addressesDeferred Net Settlement multiple times daily
Fast And Secure Transfers (FAST)Singapore2014Singapore Clearing House Association (SCHA)Banking Computer Services Pte Ltd (BCS)ISO 20022 XMLCentralized (PayNow service for proxy identifiers)Deferred Net Settlement with collateralization
New Payments Platform (NPP)Australia2017NPPAAustralia Payment PlusISO 20022 XMLCentralized (PayID service)Real-time settlement in central bank money
Interbank Electronic Payment System (SPEI)Mexico2015Bank of Mexico (Banco de México)Bank of Mexico (Banco de México)Recently moved to ISO 20022Decentralized (CLABE system for standardized account numbersHybrid model with frequent settlement cycles
Fawri+Bahrain2019Central Bank of BahrainThe Benefit CompanyISO 20022CentralizedDeferred Net Settlement
RPPMalaysiaDecember 2018PayNetPayNetISO 20022CentralizedReal-time Gross Settlement
PesaLinkKenya2017Integrated Payment Services LtdIntegrated Payment Services LtdISO 8583/ISO 20022CentralizedReal-time Gross Settlement
PayShapSouth Africa2023Payment Association of South AfricaBankserv AfricaISO 20022Centralized (ShapID)Deferred Net Settlement
NIBSS (NIP)Nigeria2011NIBSSNIBSSProprietary message XMLCentralizedDeferred Net Settlement
GhIPSS (GIP)Ghana201GhIPSSGhIPSSISO 8583CentralizedDeferred Net Settlement
eKashRwanda2022National Bank of RwandaRwanda Information Society AuthorityISO 20022Centralized (ekash ID)Deferred Net Settlement
FastPayEthiopia2023National Bank of EthiopiaEthswitch S.C.ISO 8583/ISO 20022CentralizedDeferred Net Settlement
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