CBI’s Planned Instant Payment System Draws Censure From PSPs 

Central Bank of Iran is to unveil an instant payment system which will replace the existing card-to-card transfers. 

Unlike banks, payment service providers (PSPs) are concerned about the new move simply because they have invested substantial amounts to promote the present method.

The new system is an interbank service under CBI auspices and will handle instant settlement of payments irrespective of the size of the amounts.