NPSS-Instant Payment platform. Qorus-Infosys Finacle Banking Innovation Awards 2025

RAKBANK’s implementation of the NPSS–IPP (Instant Payment Platform) is a strategic leap forward in the UAE’s payments ecosystem, aligning with the Central Bank’s vision for real- time, digital-first financial services. The concept was to provide instant, 24/7 account-to- account transfers with real-time settlement, while also delivering innovative functionalities such as Request to Pay, Send via Contact, and QR-based proxy payments. The primary objective was to modernize the bank’s payment infrastructure to support faster, more efficient, and user-friendly digital payment experiences. This initiative responded directly to growing customer expectations for immediacy and ease in payments, while also streamlining backend operations. RAKBANK recognized the opportunity to lead in this space by deploying a microservices-based platform that is both scalable and flexible, setting it apart from traditional and slower legacy systems still used by many competitors. The implementation was expansive—touching nearly all systems within the bank, including core banking and customer-facing channels. It was led by a dedicated cross-functional team from IT and Payments, with strong collaboration from Retail and Business Banking units. The impact has been substantial. Qualitatively, the platform has delivered a dramatically improved user experience with instant transactions, reduced manual effort, and enhanced operational accuracy. Quantitatively, the initiative led to a 24% boost in operational team performance, particularly in reconciliation and settlement, along with measurable cost savings through automation and error reduction. NPSS–IPP has positioned RAKBANK at the forefront of payment innovation in the region, delivering both business value and customer-centric transformation.