The Alliance of Digital Finance and Fintech Associations in partnership with Contigo Global, is pleased to launch our new assessment: Questioning IPS Design Inclusivity: Unlocking Fintech and Non-Bank Participation in Domestic Instant Payment Systems. We also express our gratitude for the partnership and support provided by the Interledger Foundation and to the seventeen associations, who made this research possible.
As countries continue investing in Instant Payment Systems (IPS) and broader Digital Public Infrastructure (DPI), important questions are emerging around who can meaningfully participate in and build on top of these systems, and what consumers these systems serve. While IPS are often positioned as foundational infrastructure for financial inclusion and digital transformation, participation pathways for fintechs and non-banks remain uneven across many markets.
The report explores how IPS ecosystem design, governance, regulation, and operational frameworks influence whether fintechs and non-banks can meaningfully participate in and build on top of IPS infrastructure.
Given that many fintechs and non-banks serve marginalised and underserved communities, enabling their meaningful participation is important to strengthening financial inclusion and supporting broader financial health outcomes across the population.
The assessment draws on insights from 129 contributors across more than 20 markets in Africa, Asia, and Latin America and the Caribbean and examines the structural factors shaping fintech and non-bank participation in IPS ecosystems.
Five Key Findings
- The Economics Need to Work – IPS participation models must be commercially sustainable for fintechs and non-banks, whether participating directly or indirectly. Participation costs, settlement structures, and pricing models can materially affect ecosystem participation and innovation.
- Legacy Policy Issues Gatekeep Fintechs and Non-Banks – In many markets, regulatory and licensing frameworks have not evolved alongside newer financial service provider models, creating barriers to IPS participation despite technical readiness.
- IPS Governance Often Focuses More on Stability than Inclusion – Governance structures, participation rules, and operational decision-making processes influence whether IPS ecosystems evolve as inclusive and accessible innovation platforms.
- Consumer-Facing IPS Literacy Requires Support – Consumer adoption depends not only on infrastructure availability, but also on clear branding, intuitive user experiences, onboarding processes, and trust-building mechanisms.
- IPS Technology Needs to be Reliable, Documented, and Streamlined – Technical accessibility, including documentation, APIs, testing environments, and onboarding processes, significantly affects the cost and ease of participation for fintechs and non-banks.
The report is intended as a constructive contribution to ongoing discussions regarding inclusive digital public infrastructure and the practical realities shaping IPS participation across diverse markets.
As part of the launch, a series of in-country discussions will be organised across multiple markets in June, bringing together diverse ecosystem stakeholders to reflect on the findings and their relevance within local contexts. These discussions will culminate in a global webinar focused on cross-market insights and future opportunities for collaboration.
Download the Report
We welcome opportunities to share and discuss the findings at events and broader ecosystem discussions related to IPS, DPI, financial inclusion, and inclusive payment ecosystem design. Please reach out to Sarah Corley, CEO of AllianceDFA to discuss: sarah@alliancedfa.org