Real-Time Payment System Set for Launch Next Month

The Central Bank of Iran has given details about its recently-announced instant payment system seen as a major development in the country's banking and payment network.
According to Davoud Mohmmad Beigi, head of CBI payment systems department, the instant payment system is set for launch in December, way2pay reported.
"It will replace the currently popular card-to-card mechanism for transferring money. Users will have to provide bank account number(s) for transfers instead of bank card numbers."
The system is an interbank service under CBI auspices and will handle instant settlement of payments in large and small amounts.