A report measuring the efficacy of real-time payments programs has rated India’s Immediate Payment Service (IMPS) at the highest level for the second year in a row. Fidelity National Information Services (FIS) has brought out its 2018 Flavors of Fast report and as part of the same released the ‘Faster Payments Innovation Index’. The index rates programs globally with 1 being the lowest rating and 5 the highest.
India’s IMPS was rated 5 for the second year in a row on the back of the system’s standard, published API (application program interfaces) and robust participation from third party vendors. The Indian system was notably the only system to have a scored a 5 on the report’s scale.
The Indian program’s achievement of the highest rating is especially significant when compared to the ratings secured by programs from economic powerhouses like Australia, Singapore, United States of America and China.
FIS, which brought out the report and the index, is a noted leader in financial services technology and serves clients across 130 countries. The company is also part of Fortune 500 and is a member of Standard & Poor’s 500 index.