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Instant Faster Payments

An Instant Faster Payment, also known as Instant Payment or Real-Time Payment, refers to a type of electronic funds transfer that enables immediate transfer of money between bank accounts.

Unlike traditional payment methods that can take hours or even days to process, instant faster payments allow for near-instantaneous transfer of funds, typically within seconds.

Instant faster payments are facilitated through advanced payment systems and infrastructure that are designed to provide real-time clearing and settlement. These systems operate 24/7, allowing individuals and businesses to make and receive payments instantly at any time, including weekends and holidays. Examples of instant faster payment systems include Faster Payments in the United Kingdom, SEPA Instant Credit Transfer (SCT Inst) in the European Union, and the Faster Payment System (FPS) in Hong Kong.

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Borderless payments for global business

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