User Needs for Other Participants
The Instant Payment System operators and banks or Payment Service Providers (PSPs) in a payment scheme also have needs and requirements. In brief, these include:
- The need for a fee or revenue model that allows them to recoup any setup and operational costs and make an ongoing profit.
- An efficient and cost-efficient onboarding process that minimises changes to their existing payment systems.
- Processes that support compliance with all relevant regulations, such as sanctions screening.