IFSC codes are really important in todays time as they aid in making and receiving payments through several methods including IMPS, NEFT and RTGS. IMPS or Immediate Payment Service is one of the fastest inter branch money transferring service through mobiles which makes use of the IFSC code to ensure that the funds are transferred/received by the right person. IFSC codes are used in a similar way in the case of NEFT and RTGS transfer.