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 7: Examples of Existing IPS

4 min read1 sections666 wordsIPS Reference Guide v1.0

1. Overview

Country/RegionScheme NameManaging EntityDocumentation Availability
BrazilPixCentral Bank of BrazilPublicly available on the Central Bank’s official website.
United StatesRTP NetworkThe Clearing HousePublicly available on The Clearing House website.
United StatesFedNowFederal ReservePublicly available on the Federal Reserve’s website.
MexicoSPEIBanco de MéxicoNot publicly available.
CanadaReal-Time Rail (RTR)Payments CanadaNot publicly available; select documents shared with participants.
ChileTEFBanco Central de ChileNot publicly available.
European UnionSEPA Instant Credit Transfer (SCT Inst)European Payments Council (EPC)Publicly available on the EPC website.
United KingdomFaster Payments Scheme (FPS)Pay.UKNot publicly available; access requires registration.
SwedenSwishGetswish ABNot publicly available; limited high-level information published.
DenmarkStraksclearingFinance DenmarkNot publicly available; restricted to financial institutions.
HungaryGIRO Instant Payment SystemGIRO Zrt.Not publicly available; accessible only to scheme participants.
PolandExpress ElixirKIRNot publicly available; documentation available upon formal request.
IndiaUnified Payments Interface (UPI)NPCIPublicly available on the NPCI website.
SingaporeFASTABSNot publicly available; limited information on ABS and MAS sites.
ThailandPromptPayBank of ThailandNot publicly available; only partial rules published.
AustraliaNew Payments Platform (NPP)NPP Australia / Reserve Bank of AustraliaAvailable on Australian Payment Plus
Hong KongFaster Payment System (FPS)Hong Kong Monetary AuthorityNot publicly available; technical documents accessible to participants.
MalaysiaDuitNowPayNetNot publicly available; registration required to access rules.
PhilippinesInstaPayPhilippine Payments Management Inc.Not publicly available; rulebook shared only with licensed institutions.
GhanaGhIPSS Instant Pay (GIP)Ghana Interbank Payment & Settlement SystemsNot publicly available; rulebook available upon request.
NigeriaNIBSS Instant Payment (NIP)Nigeria Inter-Bank Settlement System (NIBSS)Publicly available ("Regulation on Instant Payment.pdf").
KenyaPesaLinkIntegrated Payment Services Limited (IPSL)Not publicly available; limited documentation disclosed.
South AfricaRapid Payments Programme (RPP)-ShappayBankservAfrica and PASANot publicly available; documents accessible only to participants.
UAEImmediate Payment Instruction (IPI)Central Bank of the UAENot publicly available; restricted to licensed institutions.
Saudi ArabiaSARIE (Saudi Arabian Riyal Interbank Express)Saudi Central BankNot publicly available; technical details shared with participants only.
1 CPMI-ISCO: Principles for Financial Market Infrastructures, April 2012
2 European Payment Council: EPC150-19 Approved Dispute Resolution Committee Mandate v2.6.pdf, November 2024.
3 31300_p0045
4 Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards instant credit transfers in euro
5 CPMI-ISCO “Principles for Financial Market Infrastructures” April 2012.
6 UNICITRAL: UNCITRAL Arbitration Rules, Expedited Arbitration Rules and Rules on Transparency in Treaty-based Investor-State Arbitration; 2021
7 Banco Centrale do Brazil: https://www.bcb.gov.br/content/estabilidadefinanceira/pix/Pix_Regulation/Resolution_BCB_1.pdf, August, 2020
8 Pay UK: https://www.wearepay.uk/wp-content/uploads/2023/02/Pay.UK-Faster-Payments-Service-Principles.pdf’ Jan 2023.
9 Directive (EU) 2015/ of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC,
10 BIS CPMI: Fast payments - Enhancing the speed and availability of retail payments, November, 2016.
11 Domestic market infrastructures create new instant payment guidelines | Swift

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