Instant Payment Processing System:

• Instant payment for SEPA
• Faster Payments for the UK
• Real-time Payments for the US

As different payment solutions can only work if all the ordering banks and beneficiary banks are connected to the system.

Every clearing network is confined to an individual infrastructure.

Instant Payments and SEPA Instant Credit Transfer

• Instant payments can be processed in seconds and are transferred directly from one bank account to another.
• The debtor & creditor are immediately notified of the transfer, and the process is completed in 10 seconds or less only.
• Instant payments are available at 24*7 and are capped at 1,00,000 euros.
• They are single payments and each transfer once completed, it's irrevocable (Impossible to change or stop)
• All payments are processed in euros and these payments are available in SEPA countries only.

• As of January 2024, SEPA has 36 member-states.
• These include: All 27 EU member-states: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia,Spain, and Sweden
• The 3 EEA countries(EEA is an extended European family, including the EU and its economic partners) of Norway, Liechtenstein, Iceland, and also Switzerland, Monaco, and Britain stays SEPA country despite Brexit.?

Faster Payments for the UK

FPS was introduced into the UK in 2008 by Pay.UK.

• FPS payment solution provides instant online payment in 24/7 with transactions completed in 2-hours and confirmation issued for credit transfer in 15 seconds.

FPS covers:

• Scheduled transfers
• Direct debits and bulk payments
• Single payments

Real-Time payments (US)

• RTP are available at 24*7 with capping of transaction limit is 35,000 USD.

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Global payment System

Instant global payment System

For instant global payment the SWIFT network has stepped in.

SWIFT enables fast payment across borders(CBPR+)

SWIFT gpi payments credited to beneficiaries in 5-minutes.

Instant payment gateway for one-off payments

GoCardless. A new era of payments.

GoCardless Instant Bank Pay offers businesses instantly confirmed B2B payments.

The Debtor & Creditor get the confirmation of transaction in real-time.

GoCardless, businesses can simply add Instant Bank Pay to their checkout OR send a link to a customer with a payment request.

Instant Bank Pay request link to your e-invoices, emails, or even send via SMS.

By avoiding card networks, enjoy fees that are typically lower than you would find elsewhere.

Acronym:

SWIFT: The Society for Worldwide Interbank Financial Telecommunications

SWIFT gpi: Global Payment Initiative

SEPA: Single Euro Payments Area

B2B: Bank to Bank

RTP: Real Time Payments

CBPR+: Cross-border payments and reporting plus

...To be continued

Hemant Kumar