Introduction

Regarding the definition of Payment System as the mechanism to transfer fund from an account in bank A to another account in bank B, it can be exampled as the money vessels whose function is to conduct the smooth financial transactions among businesses. In such position, Payment Systems have gained a considerable Central Banking attention around the globe to ensure safe and sound monetary transactions.
The Central Bank of the Islamic Republic of Iran has stressed the urgent necessity of reform in Payment and Settlement Systems in Iranian banking system to provide quality services for customers exploiting the latest ICT related technologies. In pursuing such an ambition CBI had restructured the so called Interbank Information Exchange Department to form a new organizational unit of the Payment Systems Department. The new structure preserves the basic functions of clearing and settlement of the legacy structure; and it established a specialized center for regulating the Payment System and setting industry-wide standards. It also formed a forum for the whole banking system to share the ideas, agree upon the methods and minimum services and also coordinate in operations and technologies so the benefits of Cooperation and Competition are best sensed by the whole banks as well as their customers and the public.
Considering the weaknesses in the electronic interbank transactions infrastructures, the National Payment System project has been defined, designed and prepared for bidding process since 2001. It is predicted that by implementing the major subsystems of the NPT, the real reform of the Payment System in Iran will find a very suitable ground to develop value added services in accordance with the international best practices.