NPCI Bharat Billpay (NBBL), in collaboration with banks and fintech firms, is set to initiate internet-based banking interoperability following regulatory approval from the Reserve Bank of India (RBI). Scheduled for April, the move aims to streamline fund settlement for merchants. RBI’s vision for 2025 includes centralizing payment rails, aligning internet banking with existing systems like Immediate Payment Service and NEFT. This standardization facilitates quicker settlement cycles, enhances data visibility, and ensures efficient grievance resolution. With interoperability, any aggregator can enable internet banking payments for customers across different banks, easing large transactions such as tax payments and insurance premiums. In December 2023, banks processed 380 million internet banking transactions worth Rs 93.8 trillion, indicating growing demand.