The full form of IPSS is Integrated Payment and Settlement System

The development and implementation of safe, reliable and efficient national payments systems and Financial Market Infrastructures (FMIs) is a crucial component of the World Bank Group’s work to reduce poverty and boost shared prosperity. Secure, affordable, and accessible payment systems and services help expand financial inclusion, foster development and support financial stability.

Payment systems and FMIs are the mechanisms established to facilitate the clearing and settlement of monetary and other financial transactions. Safe, reliable and efficient payment systems and FMIs:

• Support financial stability by mitigating risks related to financial transactions and facilitating the smooth flow of payments and efficient functioning of financial markets.
• Promote efficiency in the economy by facilitating the smooth flow of payments underpinning economic activity and promote financial sector development through fostering consumers’ confidence in the use of money and payment services.
• Enable access to transaction accounts as a means to safely store value, and make and receive payments, thus helping to fulfill the World Bank Group’s vision of Universal Financial Access (UFA) by 2020 and foster financial inclusion.
• Foster transparency and efficiency in the international remittances markets.  
• Support the digitization of Government payments as part of cross-cutting work in areas like Social Protection, eGovernment and Public Financial Management reforms. The work spans across the revenue collection and expenditure side, including large scale programs like tax collection, public sector salary payments, public procurement and other Government to Person (G2P) payments.
• Underpin critical reforms in fragile and conflict-affected states helping to kick-start economic activity and implementation of social protection programs for the vulnerable and help deliver cash transfers in the aftermath of natural disasters to facilitate relief efforts.