The India International Financial Services Centres Authority (IFSCA) hosted Payments Forum 2026 at GIFT-IFSC, bringing together regulated entities and market participants to discuss the evolving payments and settlement infrastructure in the IFSC and recent developments intended to improve cross-border transaction efficiency. The Authority positioned its payments strategy around the IFSCA Payment Services Regulations 2024 for authorised Payment Service Providers (PSPs) and the Foreign Currency Settlement System (FCSS) for inter-bank settlement within IFSC. FCSS operates as an RTGS-style mechanism that currently enables settlement of United States dollar obligations among IFSC Banking Units in around 5–6 seconds and, since its October 2025 launch, is described as stabilised and functioning smoothly, reducing reliance on correspondent banking timelines of 24–36 hours. Regulated entities that have not yet onboarded were encouraged to participate, while expansion options under consideration include indirect participation, onboarding banks from onshore India and other jurisdictions, and adding further permitted foreign currencies. The Forum also reviewed the five payment services currently permitted under the 2024 regulations (account issuance, e-money issuance, escrow, cross-border money transfer and merchant acquisition), alongside PSP product offerings such as multi-currency accounts, collection and payout rails, and solutions for exporters and NRI/OCI investors; IFSCA cited registrations exceeding 1,100 entities and noted that over USD 19 billion of External Commercial Borrowing flows were routed through IFSC channels in 2024–25. IFSCA also highlighted digital onboarding initiatives including video-based customer identification, integration with e-KYC Setu, DigiLocker passport access, CKYCR 2.0 and PAN verification through the Protean portal, with extension of video-based identification to foreign nationals under active exploration, and noted it has published a consultation paper on tokenisation.
India International Financial Services Centres Authority 2026-02-13
India International Financial Services Centres Authority hosts Payments Forum 2026 and flags potential expansion of the Foreign Currency Settlement System at GIFT-IFSC
The India International Financial Services Centres Authority (IFSCA) hosted Payments Forum 2026 at GIFT-IFSC, focusing on evolving payments infrastructure and cross-border transaction efficiency. Key discussions included IFSCA Payment Services Regulations 2024, the Foreign Currency Settlement System (FCSS), and digital onboarding initiatives, with over 1,100 entities registered and USD 19 billion in External Commercial Borrowing flows routed through IFSC channels in 2024–25.