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Abstract
This paper provides a practical toolkit for central banks looking to develop their own instant (retail) payment system (IPS). Noting how the organisational and operational structures of such systems differ significantly across jurisdictions, mostly depending on the style of coordination between the system operator, service providers and the central bank in question, the paper identifies three key parameters to facilitate the successful launching of an IPS: the ownership/operational model, incentives for fast adoption, and technology. The paper discusses how the Central Bank of the Republic of Turkey optimised these parameters in 2021 while developing a new in-house IPS, known as FAST.
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