What is an Immediate Interbank Payment (IIP)? (2024)

FAQs

What is an Immediate Interbank Payment (IIP)? ›

An IIP is a payment to a beneficiary that goes through immediately. Please note: An IIP costs more than a normal payment (see 'Charges' for IIP costs).

Immediate Interbank Payments (IIP) allow you to make payments to accounts held at other financial institutions available immediately.

What is the interbank payment system? Cashless interbank payment system is used to transfer funds from the payer's bank to the beneficiary's bank.

EFTs to other banks take 2–3 working days. Immediate payments take 0–2 hours to be completely processed. If there are any delays, you may need to request that the funds be reversed or confirm if the immediate fee has been debited from your account. It could be that the payment was processed as a normal payment.

Immediate Interbank Payment (IIP) – this is an immediate payment. If you are paying a beneficiary for the first time, it could take up to 90 minutes to reflect. IIP's cost an additional fee. PayShap – these are instant payments.

IMPS offer an instant,24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile, internet and ATMs.

Kindly note that it stands for Internet banking.

What is Inter Bank Transfer? Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch.

Wire transfer speeds are faster than ACH payments. ACH payments are less expensive than wire transfers. ACH payments are generally more secure compared to wire transfers.

Most large-value funds transfer systems are credit transfer systems in which both payment messages and funds move from the payer financial institution to the payee financial institution. An institution transmits a payment order (a message that requests the transfer of funds to the payee) to initiate a funds transfer.

Why is my immediate payment unsuccessful? ›

There are many reasons for unsuccessful Pay and Clear Now Payments including a drop in device signal when making a payment, the receiving banks' rules, system errors or invalid recipient account information. You are advised to check your transaction history to confirm whether your payment was successful or not.

Kindly note that an immediate payment cannot be reversed once it has been completed. The best possible option is to ask the beneficiary to assist you with reversing the funds.

Learn more here. You can typically expect credit card payments to show up in your account within 2-3 business days. ACH transfers take approximately 7-10 business days. There is a 5 day bank verification hold on all ACH payments, plus 1-2 days for processing.

What is an Immediate Interbank Payment (IIP)? Normal beneficiary payments to other banks take 24 to 48 hours to go through. An IIP is a payment to a beneficiary that goes through immediately. Please note: An IIP costs more than a normal payment (see 'Charges' for IIP costs).

Definition: The Index of Industrial Production (IIP) is an index which shows the growth rates in different industry groups of the economy in a stipulated period of time.

The Index of Industrial Production (IIP) is an index that indicates the performance of various industrial sectors of the Indian economy. It is calculated and published by the Central Statistical Organisation (CSO) every month. It is a composite indicator of the general level of industrial activity in the economy.

Bank to bank transfer times can vary across financial institutions depending on the type of transfer you make. If you're making a traditional inter-bank transfer it will take 1-3 business days. If you use NPP Faster Payments or a PayID it can be near real-time.

In interbank transfer, the amount of beneficiary is transferred into the account of a different bank. While in intra bank transfer, the amount of beneficiary is transferred into the account within the same bank.

Under normal circ*mstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.