Payment Schemes Guide

⚡ Instant/Real-Time Payment Schemes

Process and settle transactions in seconds, typically 24/7/365. Funds are immediately available to the recipient.

• SEPA Instant, Faster Payments (UK)
• FedNow, RTP (US)
• Pix (Brazil), UPI (India)
• PayTo (Australia), PromptPay (Thailand)

📋 Batch Payment Schemes

Collect transactions and process them in batches at specific times. Settlement takes 1-3 business days but costs less per transaction.

• SEPA Credit Transfer (Standard)
• ACH (US), BACS (UK)
• ELIXIR (Poland)
• Direct Debit schemes

🏦 High-Value/RTGS Schemes

Real-Time Gross Settlement systems for large, time-critical transactions. Often operated by central banks with same-day settlement.

• CHAPS (UK)
• TARGET2 (Eurozone)
• Fedwire (US)
• RIX-RTGS (Sweden)

Standard euro credit transfer across 41 European countries. Settles within one business day but can take up to 8 days for edge cases.

Instant euro payments settling in under 10 seconds, 24/7/365. EU Instant Payments Regulation (2024) mandates all PSPs offer this at same price as standard transfers by October 2025.

ECB-operated instant payment settlement infrastructure. 99.99% of payments process in under 5 seconds at €0.002 per transaction. Supports EUR, Swedish krona (since Feb 2024), and Danish krone (since April 2025).

UK's real-time payment system enabling near-instant GBP transfers 24/7/365. One of the world's first instant payment systems, processing billions of transactions annually.

Traditional UK batch payment system for Direct Debits, salaries, and recurring payments. Lower cost than real-time payments but takes 3 working days to settle.

UK's high-value, same-day sterling payment system operated by the Bank of England. Primarily used for large transactions like property purchases and corporate payments.

Poland's instant payment system, Europe's second-fastest after UK FPS when launched. Operates 24/7/365 with transfers up to PLN 100,000 (PLN 250,000 for tax payments). Also serves as the settlement backbone for BLIK.

Poland's standard interbank clearing system for PLN credit transfers and direct debits. Processes during three daily sessions on business days (11am, 3pm, 5:30pm).

Sweden's instant payment system operated by the Riksbank on ECB's TIPS platform. Since February 2024, all Swish payments between banks route through RIX-INST for settlement in central bank money.

Norway's interbank clearing system for NOK payments. Supports both batch and real-time clearing modes. Norway is preparing to join TIPS for instant euro payments.

The backbone of the US financial system processing payroll, tax refunds, and bill payments. In 2024, processed 33.6 billion payments valued at $86.2 trillion. Same Day ACH (launched 2016) enables same-day settlement up to $1 million.

The Federal Reserve's instant payment service launched July 20, 2023. Enables 24/7/365 real-time payments between participating banks and credit unions. Available to all US depository institutions.

The first modern US instant payment system, operated by The Clearing House. Surpassed 1 billion total transactions by January 2025. Supports transactions up to $10 million with 100% uptime and zero scheduled downtime.

Brazil's wildly successful instant payment system used by 93% of adults (170M+ users). In June 2025, set a daily record of 276.7 million transactions. Growing 2.5x faster than credit cards. "Pix by Approximation" contactless payments launched May 2025.

India's instant payment system built over IMPS infrastructure. February 2025 saw 16.11 billion transactions (33% YoY growth). Accounts for 85% of India's transaction volume and 80% of retail payments. Live in 7+ countries for cross-border payments.

Australia's instant payment method built on the NPP (New Payments Platform). Allows payments directly from bank accounts using PayID (mobile number or email). NPP processes ~$6 billion daily, connecting 100+ financial institutions.

Australia's fast payments infrastructure enabling instant transfers 24/7/365. Osko is the consumer-facing brand. PayID allows payments using phone numbers or email instead of BSB/account numbers.

Thailand's instant payment system with approximately 80 million users. Transfers using citizen ID, mobile number, or account number. Transactions up to 5,000 baht are free. Integrated with Malaysia's DuitNow for cross-border QR payments.

Philippines' instant payment system under the National Retail Payment System framework. Available 24/7/365 through participating banks and e-money issuers. Designed as affordable alternative to cash for low-value transactions.

Malaysia's instant payment system using DuitNow ID (mobile, NRIC, passport, or business registration number). Cross-border transfers with Singapore PayNow (up to RM 3,000/transaction). Supports QR payments in Singapore, Thailand, Indonesia, and Cambodia.

Singapore's instant payment system using mobile number, NRIC/FIN, or UEN as payment address. Built on FAST infrastructure. Cross-border integration with Malaysia's DuitNow and Thailand's PromptPay.

Singapore's instant funds transfer service enabling real-time SGD transfers between participating banks 24/7/365. Foundation for PayNow service.

Global financial messaging network connecting 11,000+ institutions in 200+ countries. In November 2025, completed migration to ISO 20022 standard. Swift GPI enables 75% of payments to reach beneficiary banks within 10 minutes.

A payment scheme is a set of rules, standards, and technical specifications that govern how payments are processed between financial institutions. It defines how funds transfer from one bank account to another, including message formats, settlement times, and operational procedures. Examples include SEPA for euro payments, Faster Payments for UK sterling, and ACH for US dollar payments.