Real-Time Payment

Traditional bank transfers often took hours or days to arrive, especially outside working hours. Real-time payment systems allow money to move between accounts almost immediately, with the recipient able to use the funds straight away.

Many countries have introduced real-time payment systems. Examples include the Faster Payments Service in the United Kingdom, the Unified Payments Interface in India, Pix in Brazil, FedNow and the RTP network in the United States, and the instant payment scheme of the Single Euro Payments Area in Europe.

For example, someone selling a used bike can receive payment instantly from the buyer's banking app, confirming the money has arrived before handing over the bike.

Real-time payments improve convenience for consumers and cash flow for businesses, which can receive money immediately instead of waiting days. They also support new services, such as instant payment requests and QR-code payments in shops.

Because they are instant and generally irreversible, real-time payments are attractive to fraudsters. Banks use fraud detection systems, confirmation of the payee's name and, in some countries, reimbursement rules to protect customers.