This will change the dynamics of currency circulation in the country, reduce float in the system and allow banks and businesses to manage their liquidity more efficiently. It sets rolling the Instant Payments System, which will enable customers to effect transfers between any two accounts in any two institutions within seconds. Instant Payment services will also comprise instant direct debits and credits.
It introduces the concept of dissociating an account from a payment service. Thus, any person can avail the service offered by any operator, bank or non-bank, and tie it with an existing account in another bank. This will allow new payment services to emerge while letting banks maintain their customer base.