InstaPay is not a bank itself; rather, it is an electronic fund transfer service operating as part of an interbank retail payment system. It functions as a financial infrastructure framework enabling participating commercial banks, thrift banks, rural banks, and authorized electronic money issuers to connect seamlessly. Through this system, customers of various financial institutions can execute electronic transfers without needing an account directly with InstaPay, because the service acts purely as a routing and clearing mechanism managed under national payment networks.