New Delhi, Sep 28 (KNN) US-based research firm FIS (Fidelity National Information Services) has rated India's real-time money transfer platform IMPS (Immediate Payment Service) as the best global payments innovation. In its fifth annual Flavors of Fastreport, FIS identified 40 active real-time payment programs around the world.

IMPS is adjudged the best fin-tech innovation, beating payment services from countries like US and China.

It took home the highest 5 rating for the second year in a row.

In comparison, Singapore received the second-highest 4+ rating for its Fast and Secure Transfers (FAST) service.

Comprehensiveness of real-time payments projects and how well they meet the needs of consumers and corporate customers is measured by the index, which rated programs on a scale of 1-5 (5 being the highest)

IMPS is the fastest growing immediate payment system in the world.

The daily transaction volume of IMPS grew from about two million per day in 2017 to approximately 2.8 million per day this year.

National Payments Corporation of India (NPCI) has developed both Unified Payments Interface (UPI) and IMPS.

IMPS, which runs through the country's UPI, has allowed money transfer apps to feature chatting capabilities which further encourages public use of real-time innovation.

Overlay services - chat, retail apps, instant loans and more - and open APIs provide innovations that encourage consumers and businesses to use real-time payments is found by FIS research.