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Instapay Tracker is an innovative tool that helps you to track global state of Instant Payments, from their inception to the present date.

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[{"address":"Kuala Lumpur Federal Territory of Kuala Lumpur Malaysia","lat":"3.139003","lng":"101.68685499999992","project_id":885,"url":"https:\/\/www.instapay.today\/tracker\/malaysia\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Malaysia"},{"address":"Riyadh, Riyadh Province, Saudi Arabia","lat":"24.7135517","lng":"46.67529569999999","project_id":1726,"url":"https:\/\/www.instapay.today\/tracker\/saudi-arabia\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Saudi Arabia"},{"address":"Ljubljana, Slovenia","lat":"46.0569465","lng":"14.505751499999974","project_id":2293,"url":"https:\/\/www.instapay.today\/tracker\/slovenia\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Slovenia"},{"address":"Hong Kong Island, Hong Kong","lat":"22.2824673","lng":"114.1615726","project_id":490,"url":"https:\/\/www.instapay.today\/tracker\/hong-kong\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Hong Kong"},{"address":"Washington, DC, United States","lat":"38.9071923","lng":"-77.03687070000001","project_id":495,"url":"https:\/\/www.instapay.today\/tracker\/united-states-federal-reserve-bank\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"USA (Federal Reserve)"},{"address":"Brussels, Belgium","lat":"50.8503396","lng":"4.351710300000036","project_id":4189,"url":"https:\/\/www.instapay.today\/tracker\/belgium\/","website":"","go_live_date_unconfirmed":"","country":"Belgium"},{"address":"Bucharest, Romania","lat":"44.4267674","lng":"26.102538399999958","project_id":4729,"url":"https:\/\/www.instapay.today\/tracker\/romania\/","website":"","go_live_date_unconfirmed":"","country":"Romania"},{"address":"Amsterdam, Netherlands","lat":"52.3702157","lng":"4.895167899999933","project_id":524,"url":"https:\/\/www.instapay.today\/tracker\/netherlands\/","website":"","go_live_date_unconfirmed":"","country":"Netherlands"},{"address":"Budapest, Hungary","lat":"47.497912","lng":"19.04023499999994","project_id":1345,"url":"https:\/\/www.instapay.today\/tracker\/hungary\/","website":"","go_live_date_unconfirmed":"","country":"Hungary"},{"address":"Ottawa, ON, Canada","lat":"45.4215296","lng":"-75.69719309999999","project_id":500,"url":"https:\/\/www.instapay.today\/tracker\/canada\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Canada"},{"address":"Wellington, New Zealand","lat":"-41.2864603","lng":"174.77623600000004","project_id":519,"url":"https:\/\/www.instapay.today\/tracker\/new-zealand\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"New Zealand"}] [{"address":"Tokyo, Japan","lat":"35.6894875","lng":"139.69170639999993","project_id":97,"url":"https:\/\/www.instapay.today\/tracker\/japan\/","website":"","go_live_date_unconfirmed":"","country":"Japan"},{"address":"Z\u00fcrich, Switzerland","lat":"47.3768866","lng":"8.541694000000007","project_id":105,"url":"https:\/\/www.instapay.today\/tracker\/switzerland\/","website":"","go_live_date_unconfirmed":"","country":"Switzerland"},{"address":"Taipei, Taiwan","lat":"25.0329694","lng":"121.56541770000001","project_id":387,"url":"https:\/\/www.instapay.today\/tracker\/taiwan\/","website":"","go_live_date_unconfirmed":"","country":"Taiwan"},{"address":"Seoul, South Korea","lat":"37.566535","lng":"126.97796919999996","project_id":102,"url":"https:\/\/www.instapay.today\/tracker\/southkorea\/","website":"","go_live_date_unconfirmed":"","country":"South Korea"},{"address":"Reykjav\u00edk, Iceland","lat":"64.12652059999999","lng":"-21.817439299999933","project_id":474,"url":"https:\/\/www.instapay.today\/tracker\/iceland\/","website":"","go_live_date_unconfirmed":"","country":"Iceland"},{"address":"Bras\u00edlia - Federal District, Brazil","lat":"-15.7942287","lng":"-47.882165799999996","project_id":103,"url":"https:\/\/www.instapay.today\/tracker\/brazil\/","website":"","go_live_date_unconfirmed":"","country":"Brazil"},{"address":"Mexico City, Mexico","lat":"19.4326077","lng":"-99.13320799999997","project_id":108,"url":"https:\/\/www.instapay.today\/tracker\/test-project-8\/","website":"","go_live_date_unconfirmed":"","country":"Mexico"},{"address":"Johannesburg, Gauteng, South Africa","lat":"-26.2041028","lng":"28.047305100000017","project_id":110,"url":"https:\/\/www.instapay.today\/tracker\/southafrica\/","website":"","go_live_date_unconfirmed":"","country":"South Africa"},{"address":"Nairobi, Kenya","lat":"-1.2920659","lng":"36.82194619999996","project_id":472,"url":"https:\/\/www.instapay.today\/tracker\/kenya\/","website":"","go_live_date_unconfirmed":null,"country":"Kenya"},{"address":"Harrogate, United Kingdom","lat":"53.99212","lng":"-1.5418119999999362","project_id":106,"url":"https:\/\/www.instapay.today\/tracker\/uk\/","website":"","go_live_date_unconfirmed":"","country":"UK - Faster Payments"},{"address":"Santiago, Chile","lat":"-33.4488897","lng":"-70.6692655","project_id":109,"url":"https:\/\/www.instapay.today\/tracker\/chile\/","website":"","go_live_date_unconfirmed":"","country":"Chile"},{"address":"Beijing, China","lat":"39.904211","lng":"116.40739499999995","project_id":107,"url":"https:\/\/www.instapay.today\/tracker\/china\/","website":"","go_live_date_unconfirmed":"","country":"China"},{"address":"Mumbai, Maharashtra, India","lat":"19.0759837","lng":"72.87765590000004","project_id":111,"url":"https:\/\/www.instapay.today\/tracker\/india\/","website":"","go_live_date_unconfirmed":"","country":"India"},{"address":"Lagos, Nigeria","lat":"6.5243793","lng":"3.379205700000057","project_id":173,"url":"https:\/\/www.instapay.today\/tracker\/nigeria\/","website":"","go_live_date_unconfirmed":"","country":"Nigeria"},{"address":"105 19 Sverige, Palmfeltsv\u00e4gen 5, Stockholm, Sweden","lat":"59.32932349999999","lng":"18.068580800000063","project_id":169,"url":"https:\/\/www.instapay.today\/tracker\/sweden\/","website":"","go_live_date_unconfirmed":"","country":"Sweden"},{"address":"Istanbul, \u0130stanbul, Turkey","lat":"41.0082376","lng":"28.97835889999999","project_id":389,"url":"https:\/\/www.instapay.today\/tracker\/turkey\/","website":"","go_live_date_unconfirmed":"","country":"Turkey"},{"address":"Dubai - United Arab Emirates","lat":"25.2048493","lng":"55.270782800000006","project_id":480,"url":"https:\/\/www.instapay.today\/tracker\/uae\/","website":"","go_live_date_unconfirmed":"","country":"UAE"},{"address":"London, United Kingdom","lat":"51.5073509","lng":"-0.12775829999998223","project_id":4349,"url":"https:\/\/www.instapay.today\/tracker\/uk-pingit\/","website":"","go_live_date_unconfirmed":"","country":"UK - Pingit"},{"address":"Warsaw, Poland","lat":"52.2296756","lng":"21.012228700000037","project_id":123,"url":"https:\/\/www.instapay.today\/tracker\/poland\/","website":"","go_live_date_unconfirmed":"","country":"Poland"},{"address":"105 19 Sverige, Palmfeltsv\u00e4gen 5, Stockholm, Sweden","lat":"59.32932349999999","lng":"18.068580800000063","project_id":4365,"url":"https:\/\/www.instapay.today\/tracker\/sweden-swish\/","website":"","go_live_date_unconfirmed":"","country":"Sweden - Swish"},{"address":"Colombo, Western Province, Sri Lanka","lat":"6.927078600000002","lng":"79.86124300000006","project_id":882,"url":"https:\/\/www.instapay.today\/tracker\/sri-lanka\/","website":"","go_live_date_unconfirmed":"","country":"Sri Lanka"},{"address":"Danske Bank - Holmens Kanal Afdeling, Copenhagen, Denmark","lat":"55.6785","lng":"12.585448700000029","project_id":4821,"url":"https:\/\/www.instapay.today\/tracker\/denmark-mobilepay\/","website":"","go_live_date_unconfirmed":"","country":"Denmark (MobilePay)"},{"address":"Bogot\u00e1 - Bogota, Colombia","lat":"4.710988599999999","lng":"-74.072092","project_id":391,"url":"https:\/\/www.instapay.today\/tracker\/columbia\/","website":"","go_live_date_unconfirmed":"","country":"Colombia"},{"address":"Singapore","lat":"1.3553794","lng":"103.86774439999999","project_id":104,"url":"https:\/\/www.instapay.today\/tracker\/singapore\/","website":"","go_live_date_unconfirmed":"","country":"Singapore"},{"address":"2 Thomas More Street, London E1W 1YN, United Kingdom","lat":"51.5080837","lng":"-0.06814919999999347","project_id":4026,"url":"https:\/\/www.instapay.today\/tracker\/uk-paym\/","website":"","go_live_date_unconfirmed":"","country":"UK - Paym"},{"address":"Copenhagen, Denmark","lat":"55.6760968","lng":"12.568337100000008","project_id":171,"url":"https:\/\/www.instapay.today\/tracker\/denmark\/","website":"","go_live_date_unconfirmed":"","country":"Denmark"},{"address":"Milan, Italy","lat":"45.458626","lng":"9.181872999999996","project_id":4168,"url":"https:\/\/www.instapay.today\/tracker\/italy-jiffy\/","website":"","go_live_date_unconfirmed":"","country":"Italy - JIFFY"},{"address":"Oslo, Norway","lat":"59.9138688","lng":"10.752245399999993","project_id":1394,"url":"https:\/\/www.instapay.today\/tracker\/norway\/","website":"","go_live_date_unconfirmed":"","country":"Norway"},{"address":"Manama, Capital Governorate, Bahrain","lat":"26.2285161","lng":"50.58604969999999","project_id":470,"url":"https:\/\/www.instapay.today\/tracker\/bahrain\/","website":"","go_live_date_unconfirmed":"","country":"Bahrain"},{"address":"333 E 5th St, New York, NY 10003, USA","lat":"40.72644570551446","lng":"-73.9874267578125","project_id":485,"url":"https:\/\/www.instapay.today\/tracker\/united-states\/","website":"","go_live_date_unconfirmed":"","country":"USA (Zelle)"},{"address":"Managua, Nicaragua","lat":"12.1149926","lng":"-86.23617439999998","project_id":650,"url":"https:\/\/www.instapay.today\/tracker\/nicaragua\/","website":"","go_live_date_unconfirmed":"","country":"Nicaragua"},{"address":"Accra, Greater Accra Region, Ghana","lat":"5.603716800000001","lng":"-0.18696439999996528","project_id":2681,"url":"https:\/\/www.instapay.today\/tracker\/ghana\/","website":"","go_live_date_unconfirmed":"","country":"Ghana"},{"address":"Madrid, Spain","lat":"40.4167754","lng":"-3.7037901999999576","project_id":4022,"url":"https:\/\/www.instapay.today\/tracker\/spain-bizum\/","website":"","go_live_date_unconfirmed":"","country":"Spain - Bizum"},{"address":"Belize City, Belize District, Belize","lat":"17.5045661","lng":"-88.19621330000001","project_id":5283,"url":"https:\/\/www.instapay.today\/tracker\/belize\/","website":"","go_live_date_unconfirmed":"","country":"Belize"},{"address":"Bangkok Thailand","lat":"13.7563309","lng":"100.50176510000006","project_id":498,"url":"https:\/\/www.instapay.today\/tracker\/thailand\/","website":"","go_live_date_unconfirmed":"","country":"Thailand"},{"address":"Nairobi, Kenya","lat":"-1.2920659","lng":"36.82194619999996","project_id":510,"url":"https:\/\/www.instapay.today\/tracker\/kenya-2\/","website":"","go_live_date_unconfirmed":"","country":"Kenya"},{"address":"Helsinki, Finland","lat":"60.16985569999999","lng":"24.93837899999994","project_id":504,"url":"https:\/\/www.instapay.today\/tracker\/finland\/","website":"","go_live_date_unconfirmed":"","country":"Finland"},{"address":"Milan, Metropolitan City of Milan, Italy","lat":"45.4654219","lng":"9.18592430000001","project_id":516,"url":"https:\/\/www.instapay.today\/tracker\/italy\/","website":"","go_live_date_unconfirmed":"","country":"Italy"},{"address":"Riga, Latvia","lat":"56.9496487","lng":"24.10518639999998","project_id":2740,"url":"https:\/\/www.instapay.today\/tracker\/latvia\/","website":"","go_live_date_unconfirmed":"","country":"Latvia"},{"address":"Madrid, Spain","lat":"40.4167754","lng":"-3.7037901999999576","project_id":508,"url":"https:\/\/www.instapay.today\/tracker\/spain\/","website":"","go_live_date_unconfirmed":"","country":"Spain - Iberpay"},{"address":"New York, NY, United States","lat":"40.7127837","lng":"-74.00594130000002","project_id":492,"url":"https:\/\/www.instapay.today\/tracker\/united-states-clearing-house\/","website":"","go_live_date_unconfirmed":"","country":"USA (The Clearing House)"},{"address":"La Defence, Paris Metropolitan Area, Avenue d'Alsace, Courbevoie, France","lat":"48.8904873","lng":"2.2502759999999853","project_id":4471,"url":"https:\/\/www.instapay.today\/tracker\/european-csms\/","website":"","go_live_date_unconfirmed":"","country":"European CSMs"},{"address":"Rome, Italy","lat":"41.8724111","lng":"12.48022489999994","project_id":512,"url":"https:\/\/www.instapay.today\/tracker\/europe\/","website":"","go_live_date_unconfirmed":"","country":"Europe - EPC (SCInst)"},{"address":"Cambodia","lat":"12.565679","lng":"104.99096299999997","project_id":2634,"url":"https:\/\/www.instapay.today\/tracker\/cambodia\/","website":"","go_live_date_unconfirmed":"","country":"Cambodia"},{"address":"Sydney, New South Wales, Australia","lat":"-33.8674869","lng":"151.20699020000006","project_id":487,"url":"https:\/\/www.instapay.today\/tracker\/australia\/","website":"","go_live_date_unconfirmed":"","country":"Australia"},{"address":"Manila, NCR, Philippines","lat":"14.5995124","lng":"120.9842195","project_id":506,"url":"https:\/\/www.instapay.today\/tracker\/philippines\/","website":"","go_live_date_unconfirmed":"","country":"Philippines"}]
[{"address":"Kuala Lumpur Federal Territory of Kuala Lumpur Malaysia","lat":"3.139003","lng":"101.68685499999992","project_id":885,"url":"https:\/\/www.instapay.today\/tracker\/malaysia\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Malaysia"},{"address":"Riyadh, Riyadh Province, Saudi Arabia","lat":"24.7135517","lng":"46.67529569999999","project_id":1726,"url":"https:\/\/www.instapay.today\/tracker\/saudi-arabia\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Saudi Arabia"},{"address":"Ljubljana, Slovenia","lat":"46.0569465","lng":"14.505751499999974","project_id":2293,"url":"https:\/\/www.instapay.today\/tracker\/slovenia\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Slovenia"},{"address":"Hong Kong Island, Hong Kong","lat":"22.2824673","lng":"114.1615726","project_id":490,"url":"https:\/\/www.instapay.today\/tracker\/hong-kong\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Hong Kong"},{"address":"Washington, DC, United States","lat":"38.9071923","lng":"-77.03687070000001","project_id":495,"url":"https:\/\/www.instapay.today\/tracker\/united-states-federal-reserve-bank\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"USA (Federal Reserve)"},{"address":"Brussels, Belgium","lat":"50.8503396","lng":"4.351710300000036","project_id":4189,"url":"https:\/\/www.instapay.today\/tracker\/belgium\/","website":"","go_live_date_unconfirmed":"","country":"Belgium"},{"address":"Bucharest, Romania","lat":"44.4267674","lng":"26.102538399999958","project_id":4729,"url":"https:\/\/www.instapay.today\/tracker\/romania\/","website":"","go_live_date_unconfirmed":"","country":"Romania"},{"address":"Amsterdam, Netherlands","lat":"52.3702157","lng":"4.895167899999933","project_id":524,"url":"https:\/\/www.instapay.today\/tracker\/netherlands\/","website":"","go_live_date_unconfirmed":"","country":"Netherlands"},{"address":"Budapest, Hungary","lat":"47.497912","lng":"19.04023499999994","project_id":1345,"url":"https:\/\/www.instapay.today\/tracker\/hungary\/","website":"","go_live_date_unconfirmed":"","country":"Hungary"},{"address":"Ottawa, ON, Canada","lat":"45.4215296","lng":"-75.69719309999999","project_id":500,"url":"https:\/\/www.instapay.today\/tracker\/canada\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"Canada"},{"address":"Wellington, New Zealand","lat":"-41.2864603","lng":"174.77623600000004","project_id":519,"url":"https:\/\/www.instapay.today\/tracker\/new-zealand\/","website":"","go_live_date_unconfirmed":["unconfirmed"],"country":"New Zealand"}]
Source: InstaPay.today
1973

Japan

1987

Switzerland

1995

Taiwan

2001

South Korea

2001

Iceland

2002

Brazil

2004

Mexico

2006

South Africa

2007

Kenya

2008

UK – Faster Payments

2008

Chile

2010

China

2010

India

2011

Nigeria

2012

Sweden

2012

Turkey

2012

UAE

2012

UK – Pingit

2012

Poland

2012

Sweden – Swish

2013

Sri Lanka

2013

Denmark (MobilePay)

2014

Colombia

2014

Singapore

2014

UK – Paym

2014

Denmark

2014

Italy – JIFFY

2014

Norway

2015

Bahrain

2016

USA (Zelle)

2016

Nicaragua

2016

Ghana

2016

Spain – Bizum

2016

Belize

2017

Thailand

2017

Kenya

2017

Finland

2017

Italy

2017

Latvia

2017

Spain – Iberpay

2017

USA (The Clearing House)

2017

European CSMs

2017

Europe – EPC (SCTInst)

2017

Cambodia

2018

Malaysia

2018

Australia

2018

Philippines

2018

Hong Kong

2018

Belgium

2018

Romania

2019

Netherlands

2019

Hungary

???

USA (Federal Reserve)

???

Canada

???

New Zealand

???

Saudi Arabia

???

Slovenia

Japan

Japan's  Zengin system carries out the online processing of domestic funds transfers executed between financial institutions handling high, medium and low value transactions.This was the first supposedly 'instant payment' system launched in the world, although in reality it is more a Real-Time Gross Settlement (RTGS) central bank mandated system, with added retail bank and payment functionality. The 6th generation system is  now operational, managed by Zengin-Net Corporation.

 

On 9 October 2018 a major renewal of Zengin will complete introducing 24/7/365 support, making it more truly an instant payment system rather than an RTGS as it extends its operating hours and moves to an 'always on' operational stance.

Read more
  • Country

    Japan

  • Region

    Asia Pacific

  • Scheme name

    Zengin

  • Status

    Live

  • Operating Organisation

    Japanese Banks’ Payment Clearing Network (Zengin-Net) Established in 2010

  • Date of initial deployment

    1973

    On October 9th 2018 the scheme plans to end extend its core operating hours.

Switzerland

SIX Interbank Clearing (SIC) operates on behalf and under the supervision of the Swiss National Bank. SIC handles a combination of low, medium and high value transactions. Switzerland was one of the very earliest adopters of realtime payment systems.

   
Read more
  • Region

    Europe

  • Scheme Name

    Swiss Interbank Clearing System (SIC)

  • Status

    Live

  • Operating Organisation

    Managed by SIX Group on behalf of the Swiss National Bank

  • Date of initial deployment

    1987

Taiwan

In Taiwan the CBC Interbank Funds transfer System (CIFS) provides real time payments processing. This is a national payment service operated by the Central Bank. It supports low, medium and high value transactions.

     
Read more
  • Country

    Taiwan

  • Region

    Asia Pacific

  • Scheme Name

    CIFS

  • Status

    Live

  • Operating Organisation

    Central Bank

  • Date of initial deployment

    1995

South Korea

The Korea Financial Telecommunications and Clearing Institute  (KFTC) is a payment institution, owned by the banks, with responsibility for setting efficient check clearing and giro systems and operating financial information network. This payment system handles low and medium value transactions. Korea was an early country to introduce instant payments.

 
Read more
  • Country

    South Korea

  • Region

    Asia Pacific

  • Scheme Name

    Electronic Banking System (EBS) (HOFINET)

  • Status

    Live

  • Operating Organisation

    Korea Financial Telecommunications and Clearing Institute (KFTC) – bank owned

  • Date of initial deployment

    2001

Iceland

Iceland was an early adopter of real time payments. They have a central infrastructure  system that can handle orders for payment in Icelandic krónur to be transferred between financial institutions in realtime - if the payment amount is at least 10 million krónur in value. For lower transaction values a netting settlement system handles low value transactions. In April 2017 the Central Bank of Iceland announced that SIA had been chosen to supply a next generation instant payments platform and RTGS system.

 
Read more
  • Country

    Iceland

  • Region

    Europe

  • Scheme Name

    RTGS and also a Netting System

  • Status

    Live

    The next generation system is currently in development

  • Operating Organisation

    Bank of Iceland and Greidsluveitan

  • Date of initial deployment

    2001

    Next generation system is due to go live in 2018

Brazil

The Interbank Clearing House was created in 2001 to manage interbank payment systems within Brazil. SITRAF (the system of funds transfer) is the main system that process the TED (EFT) payment transactions between institutions. SITRAF handles low, medium and high value transactions.

   
Read more
  • Country

    Brazil

  • Region

    Latin America

  • Scheme Name

    System of Funds Transfer (SITRAF)

  • Status

    Live

  • Operating Organisation

    Interbank Payment Clearing House (CIP)

  • Date of initial deployment

    2002

Mexico

In Mexico, the Sistema de pagos electronicos interbancarios  (SPEI) is the primary way banks settle transactions with their consumers. It is used for large and small value payment transfers. It is owned and operated by the central bank the Banco de Mexico (Banixco). An upgrade to near real time payment processing was introduced at the end of 2016.

 
Read more
  • Country

    Mexico

  • Region

    Latin America

  • Scheme Name

    Sistema de pagos electronicos interbancarios SPEI (Interbank Electronic Payment System)

  • Status

    Live

  • Operating Organisation

    Owned and operated by the central bank, Banco de Mexico (Banixco)

  • Date of initial deployment

    2004

    A major upgrade was introduced in November 2016 extending SPEI’s operating hours to 24×7

South Africa

Bankserv, a bank owned company, acts as the national clearing house in South Africa. Bankserv provides a range of payment processing platforms infrastructure and service. Intended for high value and retail payment services. This was the first real time payments system to go live in Africa.

   
Read more
  • Country

    South Africa

  • Region

    Africa

  • Scheme Name

    Real Time Clearing (RTC)

  • Status

    Live

  • Operating Organisation

    Bankserv

  • Date of initial deployment

    2006

Kenya

Read more
  • Country

    Kenya

  • Region

    Africa

  • Scheme Name

    M-PESA

  • Status

    Live

  • Date of initial deployment

    2007

  • Operating Organisation

    Created by Safaricom the Vodafone MNO

UK – Faster Payments

Faster Payments is the only UK payment system available day and night, 365 days per year, supporting the demands of personal and business customers, ensuring the best choice for moving money at any time, simply, quickly and reliably. Faster Payments handles low and medium value transaction values.

 
Read more
  • Country

    UK - Faster Payments

  • Region

    Europe

  • Scheme Name

    Faster Payments Scheme (FPS)

  • Status

    Live

  • Operating Organisation

    Faster Payments Scheme Ltd  (VocaLink currently provide the technology and 1st line operational support under a Managed Service Contract)

  • Date of initial deployment

    2008

Chile

Chile's Transferencias en Línea (TEF) has been one of the most successful realtime payment systems globally. It handles low and medium value transactions. It was established following a government mandate and has been operational for over 10 years already. It is used by both consumers and businesses to conduct real time funds transfers.

 
Read more
  • Country

    Chile

  • Region

    Latin America

  • Scheme Name

    Transferencias en Línea (TEF)

  • Status

    Live

  • Operating Organisation

    Centro de Compensacion Automatrizado ACH Chile (CCA) – The clearing house.

  • Date of initial deployment

    2008

China

China's Internet Banking System forms part of the National Advanced Payment System. It has been designed to support both low and medium value transactions. There has been a very high growth in transaction volumes in recent years and this is expected to be maintained.

   
Read more
  • Region

    Asia Pacific

  • Scheme Name

    Internet Banking Payment System (IBPS)

  • Status

    Live

  • Operating Organisation

    China National Clearing Network for the China National Bank

  • Date of initial deployment

    2010

India

In India the National Payment Corporation of India (NPCI) manages central payment systems for the country. One of the key national payment systems is the Immediate Payment Service (IMPS). This was introduced to improve access to banking services, it leverages the card and ATM network infrastructure and has been designed for low value transactions.

   
Read more
  • Country

    India

  • Region

    Asia Pacific

  • Scheme Name

    Immediate Payment Service (IMPS)

  • Status

    Live

  • Operating Organisation

    National Payment Corporation of India (NPCI)

  • Date of initial deployment

    2010

Nigeria

The Nigeria Inter Bank Settlement System (NIBSS) was the second realtime payment system to be launched in Africa. It was built with the co-operation of all major Nigerian banks and been designed for low and medium valued transactions. Nigerian Instant Payment (NIP) is the first and only point to point funds transfer service that guarantees instant value to the beneficiary.

 
Read more
  • Country

    Nigeria

  • Region

    Africa

  • Scheme Name

    NIBSS Instant Payment (NIP)

  • Status

    Live

  • Operating Organisation

    Nigeria Inter Bank Settlement System

  • Date of initial deployment

    2011

Sweden

Bankgirot is the clearing house for mass payments in Sweden. ThePayments in Realtime BIR system is currently used for low and medium value payments.

       
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  • Country

    Sweden

  • Region

    Europe

  • Scheme Name

    Payments in Realtime (BIR)

  • Status

    Live

  • Operating Organisation

    Bankgirot

  • Date of initial deployment

    2012

Turkey

Turkey has two real time payment systems the RPS and EFT systems. The Retail Payment System (RPS) was introduced by the central bank to move low value transactions away from the Electronic Funds Transfer RTGS system in order for that to focus on high value transactions. AS the consequence the RPS carries the vast majority of transactions.

 
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  • Country

    Turkey

  • Region

    Europe

  • Scheme Name

    Retail Payment System (RPS)

  • Status

    Live

  • Operating Organisation

    Central Bank of Republic of Turkey (CBRT)

  • Date of initial deployment

    2012

UAE

All banks in the UAE are required to accept and process transactions through the UAE Funds Transfer System (UAEFTS) system which is designed for high value transactions with no transaction value limit specified. Currently low value transactions can not be handled in realtime.

   
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  • Country

    UAE

  • Region

    Middle-East

  • Scheme Name

    UAE Funds Transfer System (UAEFTS)

  • Status

    Live

  • Operating Organisation

    Central Bank of the UAE

  • Date of initial deployment

    2012

UK – Pingit

Barclays Bank introduced the Pingit payment service to allow customers to send funds instantly from their smart phones. This service has been live for more than 5 years and was one of the first global P2P payment systems operating globally. The service has been enhanced regularly since launch and now offers many additional options and use cases.

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  • Country

    UK - Pingit

  • State of deployment

    Live

  • Date of launch

    February 2012

  • Scheme logo

  • Operating organisation

    Barclays Bank

  • Number of customers

    There were over 3.4 registered customers as of May 2017

Poland

Krajowa Izba Rozliczeniowa (KIR) the Polish clearing house developed its realtime payment processing service around their legacy ACH network. The system primarily focussed on low value payments initially. KIR operate three payment systems one of which Express Elixir focusses on instant payments. Instant Payments are positioned as a Premium product in Poland.

 
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  • Country

    Poland

  • Region

    Europe

  • Scheme Name

    Express Elixir

  • Status

    Live

  • Operating Organisation

    Krajowa Izba Rozliczeniowa (KIR), a key financial services infrastructure institution, who for 20 years have had responsibility for managing inter bank settlement in Poland.

  • Date of initial deployment

    June 2012

    Celebrating 5th anniversary in 2017

Sweden – Swish

The Swedish banks have collaborated to introduce a mobile phone based instant payments service called Swish. This has proved to be very popular. Over half the population have the app and it is used to make payments to friends, families, merchants and at online stores.

   
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  • Country

    Sweden - Swish

  • Status

    Live

  • Date of deployment

    Pilot commenced in December 2012.

    Full launch and live operations in May 2016

    (after a technical blip in January 2016)

  • Scheme name

    Swish

  • Operating organisations

    Swish and Bankgirot

  • Website

Sri Lanka

The Sri Lanka Interbank Payment System (SLIPS) is an online interbank electronic fund transfer system catering mainly for low-value payments (up to Rs 5 million). Electronic Funds Transfer (EFT) is the movement of funds from one account to another without the corresponding piece of paper to authorise or prove that the transfer had occurred.

 
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  • Region

    Asia-Pacific

  • Scheme name

    Sri Lanka Interbank Payment System (SLIPS)

  • Status

    Live

  • Operating organisation

    LankaClear

  • Date of deployment

    2013

Denmark (MobilePay)

MobilePay is one of the most successful new real-time payment applications globally. It is the most popular app in Denmark sitting only behind Facebook. Originally developed for use in Denmark the service is now also available in Finland and Norway.

   
Read more
  • Scheme name

    MobilePay

  • Status

    Live

  • Date of deployment

    May 2013

  • Operating organisation

    Danske Bank

  • Website

Colombia

Colombia's Compensacion Electronica Nacional Interbancaria (CENIT) payment service supports both low and medium value payments. This payment system is managed by the Columbian ACH who are owned by the main Columbian banks. The Government use the system to make a variety of payments to citizens. Funds are available to be spent on a same day basis.

   
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  • Country

    Colombia

  • Region

    Latin America

  • Scheme Name

    Compensacion electronica nacional interbancaria (CENIT)

  • Status

    Live

  • Operating Organisation

    ACH Colombia

  • Date of initial deployment

    2014

Singapore

Singapore's G3 Fast and Secure Transfers is an electronic funds transfer service that enables customers to transfer Singapore dollars from one bank to another in Singapore almost instantly. G3 handles low and medium value transactions.

     
Read more
  • Country

    Singapore

  • Region

    Asia Pacific

  • Scheme Name

    G3, Fast and Secure Transfers

  • Status

    Live

  • Operating Organisation

    Association of banks in Singapore

  • Date of initial deployment

    2014

UK – Paym

The UK banks have introduced Paym to allow customers to transfer money instantly. Paym operates within mobile payment and mobile banking apps. It is widely used by consumers to pay friends, family and small businesses. Paym users sent £226 million in 2016.

 
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  • Country

    UK - Paym

  • Region

    UK

  • Scheme name

    Paym

  • Status

    Live

  • Date of Deployment

    April 2014

  • Operating organisation

    Mobile Payments Service Company Ltd

Denmark

Instant Payments in Denmark is provided by the Nets Realtime payments system (NetsRT) and the Straksclearingen national clearing system. They are initially targeting mobile payment transactions due to the high consumer adoption of mobile and dislike for cash. Low and medium value transactions are supported and transaction volumes are increasing rapidly. There are 3 million users out of the 5.6 million inhabitants, meaning that they have close to 100% user adoption.

 
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  • Country

    Denmark

  • Region

    Europe

  • Scheme Name

    Realtime 24/7 (Nets RT) also known as Straksclearingen

  • Status

    Live

  • Operating Organisation

    Nets

  • Date of initial deployment

    2014

Italy – JIFFY

Jiffy is the safe, fast way to send and receive money in real time with your Smartphone. When you activate Jiffy, via your bank, you associate your mobile phone number with your bank account details. In this way you can send money by selecting a beneficiary from your contacts list - and receive money from people who have activated the service. This realtime payments service has been developed by SIA and operates throughout Italy.

 

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  • Country

    Italy - JIFFY

  • Region

    Italy first phase

    2nd phase across Europe

  • Scheme name

    Jiffy

  • Status

    Live

  • Date of deployment

    End of 2014

  • Operating organisation

    SIA

Norway

Norges Bank has overall responsibility for payment systems in Norway. BITS has responsibility for payments infrastructure on behalf of the financial institutions. The country has invested in building modern payment systems and been successful in driving down cash usage thanks to establishing an efficient and advanced card payments infrastructure. Instant payments have been available since 2014 through the Straksbetalinger service, but uptake has been low partly because prefunding was not supported leading to settlement risk for the banks. The Norwegian have started planning for the introduction for an expanded instant payments service. They do not wish to be left behind their Scandinavian and European neighbours.

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  • Country

    Norway

  • Region

    Europe

  • Scheme Name

    Initial instant payments service is called Straksbetalinger.

    No name has been announced for the new instant payments scheme.

  • Status

    Live for initial service

    In planning phase for next service.

    Announcement on the new scheme was made in a speech at Sibos 2016

  • Operating Organisation

    Bits

  • Date of Deployment

    Live since 2014 for initial service

    New service is due to be Live by the end of 2019

Bahrain

In Bahrain a near real time payment service is operational this is called Fawri +. It forms part of the broader Electronic Fund Transfer System (EFTS) that interconnects all retail banks in the country to enhance the efficiency of funds transfers and bill payments. The project was initiated at the request of the central bank.

   
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  • Country

    Bahrain

  • Region

    Middle East

  • Scheme Name

    FAWRI+ part of the Electronic Funds Transfer System (EFTS)

  • Status

    Live

  • Operating Organisation

    Benefit Company on behalf of Central Bank of Bahrain

  • Date of initial deployment

    5th November 2015

USA (Zelle)

Zelle (formerly known as ClearXchange) was set up by Early Warning. It is an early example of a  US real-time payments initiative. Multiple banks are offering this P2P realtime funds transfer service to their customers.

   
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  • Country

    USA (Zelle)

  • Region

    North America

  • Scheme Name

    Zelle (formerly ClearXchange)

    Zelle is a shortened version of Gazelle to convey Speed and Agility.

  • Status

    Live

  • Operating Organisation

    Early Warning

  • Date of initial deployment

    2016

Nicaragua

In Nicaragua payment systems are managed by the Banco Central de Nicaragua. Realtime payments were the latest addition and formed part of a continual modernisation program that has been running for the last decade.

   
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  • Country

    Nicaragua

  • Region

    Latin America

  • Status

    Live

  • Operating organisation

    Banco Central de Nicaragua

  • Date of initial deployment

    May 2016

Ghana

In Ghana, the Ghana Interbank Payment and Settlement Systems (GhIPSS) provides a national instant payments facility. Their Instant Pay service allows funds to be instant transferred between bank accounts at different institutions. Previously the shortest possible time for an interbank transfer was between 3-4 hours under an express services and the standard interbank transfers however took between 24-72 hours.

 
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  • Country

    Ghana

  • Region

    Africa

  • Scheme name

    Instant Pay (GIP)

  • Status

    Live

  • Operating organisation

    Ghana Interbank Payment and Settlement Systems (GhIPSS)

  • Date of deployment

    21/06/2016

Spain – Bizum

The Spanish banks came together to launch Bizum to enable the immediate sending and receiving of funds. This bank led P2P mobile phone payment solution works within a mobile banking app and associates a mobile phone number with a bank account. Bizum can be used to pay individuals or for the purchase at physical stores or e-commerce stores.Over €40 million has been sent using Bizum.

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  • Country

    Spain - Bizum

  • Region

    Europe

  • Scheme Name

    Bizum

  • Status

    Live

  • Date of deployment

    Launched in July 2016 with a few initial banks going live

    2nd wave of banks joined in October 2016

  • Operating organisation

    Sociedad de Procedimientos de Pago S.L.y

Belize

Belize introduced an instant funds transfer service as part of its launch of an Automated Payments and Securities Settlement System. This is seen as a key element of a modernisation plan for payment systems in the country.

         
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  • Country

    Belize

  • Region

    Latin America

  • Scheme name

    Automated Payments and Securities Settlement System

  • Status

    Live

  • Date of deployment

    21st October 2016

  • Operating organisation

    Central Bank of Belize

Thailand

The Bank of Thailand and the Commercial Banks have co-operated to create PromptPay. This is part of a national  program to modernise payment options. It operates in real-time and the service was launched in 2017.

   
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  • Country

    Thailand

  • Region

    Asia Pacific

  • Scheme Name

    PromptPay

  • Status

    Live

  • Operating Organisation

    National ITMX and the Thai Banking Association

  • Date of initial deployment

    January 2017

Kenya

PesaLink is a new realtime P2P money transfer service has been launched by the Kenyan Bankers Association to reclaim mobile money transfer business lost to the very successful M-PESA system that was set up by the telecoms provider Safaricom (Vodafone).

   
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  • Country

    Kenya

  • Region

    Africa

  • Scheme Name

    PesaLink

     

  • Status

    Live

     

     

  • Operating Organisation

    Integrated Payment Services Limited

    an affiliate of the Kenyan Bankers Association

  • Date of initial deployment

    Launched in February 2017

Finland

In Finland the Siirto instant payments scheme has been introduced. This allows funds to be transferred instantly between banks and are immediately available for use. Initial focus is on consumers using mobile phones to initiate their instant payment transactions.

   
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  • Country

    Finland

  • Region

    Europe

  • Scheme Name

    Siirto

    Siirto means “move” in Finnish

  • Status

    Live

  • Operating Organisation

    Automatia on behalf of banks

  • Date of initial deployment

    1st of March 2017 with transactions being performed for Nordea bank customers.

    4 banks have now launched Siirto payment services.

    Retail merchant support expected to be added in late 2017

     

Italy

The Instituto Centrale delle Banche Popolari Italiane (ICBPI) are bringing instant payments capability to the market. The Italian system will be compatible with the European SCT Inst scheme.

     
Read more
  • Country

    Italy

  • Region

    Europe

  • Scheme Name

    Not yet announced.

  • Status

    Planning

  • Operating Organisation

    Instituto Centrale delle Banche Popolari Italiane (ICBPI)

  • Date of initial deployment

    Live pilot expected to start in April 2017

    Planned full availability in November 2017

Latvia

The Latvian Central Bank has announced plans to offer instant payments in the country. This new system will be compatible with the European SCT Inst scheme. It has required the Latvijas Banka's electronic clearing system (EKS system) to be enhanced in order to support instant payments processing.

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  • Country

    Latvia

  • Region

    Europe

  • Scheme name

    ZIBMAKSĀJUMI

  • Status

    Ready to launch

  • Operating organisation

    Latvijas Banka

  • Date of deployment

    The EKS IP scheme is set for launch on the 28th August 2017. The scheme will be connected to the SCT Inst scheme in November 2017.

     

Spain – Iberpay

Spain's IberPay who operate the National Electronic Compensation System (SNCE) are upgrading its clearing systems to allow the realtime processing of transactions. IberPay will be an early connection partner to the pan European SCTInst realtime system and they plan to be ready before the EPC scheme launch.

   
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  • Country

    Spain - Iberpay

  • Region

    Europe

  • Scheme Name

    National Electronic Clearing System (SNCE)

  • Status

    Planning

    Mid October 2017 launch planned.

  • Operating Organisation

    IberPay

  • Date of initial deployment

    Expected to be starting in the middle of October 2017.

    Fully compatible with SCT Inst in November 2017

USA (The Clearing House)

The Clearing House (TCH) Real-Time Payments (RTP) platform started operations on 13 November 2017. The project will provide a national instant payment system that enables the  immediate clearing and settlement of credit transfers between customers of different US financial institutions. RTP will also provide immediate delivery of ancillary financial messages to support value-added services. It adheres to the objectives outlined by the US Federal Reserve (Fed) Faster Payments Task Force.

 
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  • Country

    USA (The Clearing House)

  • Region

    North America

  • Scheme Name

    RTP

  • Status

    Operational

    The official operational ‘go live‘ was 13 November 2017 when the first payments were run through the system. A rolling migration commenced then involving TCH’s 25 core banks and ubiquity envisaged for 2020 by when it is hoped all US depository institutions will have connected.

  • Operating Organisation

    The Clearing House

  • Date of initial deployment

    The official operational ‘go live’ was 13 November 2017 when the first payments were run through the system. A rolling migration commenced then involving TCH’s 25 core banks and ubiquity envisaged for 2020 by when it is hoped all US depository institutions will have connected.

European CSMs

European payment service providers (PSPs), which include banks and non-banks, may choose to work with a Clearing and Settlement Mechanism (CSM) in order to offer the new single euro payments area (SEPA) instant credit transfer (SCT Inst) scheme, which went live on 21 November 2017. The voluntary rulebook was developed by the European Payments Council (EPC).

The InstaPay Tracker provides all the key details of the SCT Inst service being offered by those CSMs who operate across multiple European countries, sometimes via partnerships. Nine Compliant CSMs self-declared their adherence to the new scheme on 21 Nov 2017, such as France’s Stet and Equens Worldline. Click on the highlighted text to see the full list. Remember, some domestic country-specific CSMs, such as Denmark's Nets, will be outside the Eurozone but have operations in other countries as well. Such countries are also housed inside the SEPA which covers 34 countries across the continent.

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Europe – EPC (SCTInst)

The European Payments Council (EPC) has created a regional Instant SEPA Credit Transfer scheme called SCT Inst. This went live on 21 November 2017 on a voluntary basis with 585 payment service providers (PSPs) initially offering SCT Inst-compliant payments, 15% of the total in Europe. More will migrate in the coming years. SCT Inst will have the same geographical scope spanning 34 countries as the existing single euro payments area (SEPA). It will operate in Euros and re-use many elements from the original SEPA credit transfer (SCT) rulebook and implementation guidelines, but with added speed, constant operation and so on. The EPC is taking an agnostic approach to infrastructure. Multiple clearing and settlement mechanisms (CSMs) plan to be compliant. This is presently an optional payment scheme.

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  • Country

    Europe - EPC (SCInst)

  • Region

    Europe

  • Scheme Name

    SCTInst

  • Status

    Operational

  • Operating Organisation

    The European Payments Council (EPC) initiated this project.

    Multiple clearing and settlement mechanisms (CSMs), but not all, have confirmed they will be ready to process SCT Inst transactions by the 21 November 2017 launch date.  These organisations include, among others: EBA Clearing with its pan-European RT1 platform; Iberpay; EquensWorldline; and STET.

     

  • Date of initial deployment

    21st November 2017 – Launch and infrastructure ready to process first SCTInst transaction

    Pilot planned for Q3 2017

    User testing planned for Q2 2017

    EBA Clearing have defined three windows in 2017 for participation.
    Acceptance testing starts in April for those who joined the program by February, in July for May joiners and October for July joiners.

    Three further windows have been set for 2018 for the next wave of participants. These would have an April, July and December 2018 go live dates.

    Other CSMs will be setting their own deadlines.

Cambodia

The National Bank of Cambodia saw the need to upgrade its payment systems to allow payments to be made in realtime. This includes enhancements to both the ACH system and a new RTGS. These payment systems are managed by the Cambodian National Clearing House.

     
Read more
  • Country

    Cambodia

  • Region

    Asia

  • Scheme name

    No brand name announced

  • Status

    Planning

  • Operating organisation

    Cambodia National Clearing House

  • Date of deployment

    The scheme is expected to launch at the end of 2017

Malaysia

The Malaysian Electronic Clearing Corporation (MyClear), a wholly owned subsidiary of Bank Negara Malaysia, is planning to enhance its RENTAS system to support realtime retail payments to serve both as a catalyst and enabler for innovate payment options in Malaysia.

   
Read more
  • Region

    Asia-Pacific

  • Scheme name

    Enhanced Real-Time Gross Settlement System (eRENTAS)

  • Status

    Planning

  • Operating Organisation

    Malaysian Electronic Clearing Corporation (MyClear)

    A wholly owned subsidiary of Bank Negara Malaysia

  • Date of Deployment

    Planned for 2018

Australia

The Australian New Payments Platform (NPP) went live in February 2018 as some banks migrated and it became open to the public. The new instant payment system has been created by the local banking industry under the auspices of the NPP Australia (NPPA), which is the backbone company formed in December 2014 to oversee the build and its operation. It offers a range of advanced payment services for low and medium value transactions.

NPPA is mutually owned by the initial 13 large participating banks such as ANZ, Westpac and Commonwealth Bank of Australia (CBA), among others. The project was first brought into being as a concept in 2012 by the Reserve Bank of Australia (RBA) central bank, a user of the system, after its Payment Systems Board Strategic Review deemed it necessary. SWIFT and its contractors, such as Fiserv, did the build from 2014 onwards.

The new infrastructure includes an RBA mandated Fast Settlement Service (FSS) to allow transactions to be settled individually on a 24×7x365 constant operational basis, in a matter of seconds, as close to real-time as it is possible to get. Line-by-line settlement is a differentiator for the system and means the country’s banks can move more easily away from a batch-based payment processing procedure.

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  • Country

    Australia

  • Region

    Asia Pacific

  • Scheme Name

    New Payments Platform

     

     

  • Status

    Live

  • Operating Organisation

    NPP Australia (NPPA) Limited

  • Date of initial deployment

    13 February 2018 public launch

Philippines

The Banco Sentral ng Philipinas is planning for the introduction of instant payments. They are working in conjunction with The Philippines Clearing House Corporation who are creating The Electronic Funds Transfer Network (EFTN) which will operate as a real-time batch processing and delivery hub for EPCS and PDDTS transactions. This will handle the distribution and settlement of electronic credits and debits among all participating banks.

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  • Country

    Philippines

  • Region

    Asia Pacific

  • Scheme Name

    InstaPay (our name!) is the brand name selected for the new Realtime Low Value ACH system

     

  • Status

    Planning

  • Operating Organisation

    Banco Sentral ng Pilipinas (BSP)

    part of the National Retail Payment System (NRPS)

  • Date of initial deployment

    TBC

Hong Kong

Hong Kong Interbank Clearing Ltd are developing plans to introduce real-time payments to Hong Kong. This is the latest initiative they are working on to ensure modern, efficient and secure payment systems are available in the country. Non bank players will be encouraged to use the new infrastructure to promote competition.

     
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  • Country

    Hong Kong

  • Region

    Asia Pacific

  • Scheme Name

    Faster Payment System

  • Status

    Planning

  • Operating Organisation

    Hong Kong Interbank Clearing Ltd

  • Date of initial deployment

    End of 2018

Belgium

The Belgium banks recognise the importance of offering instant payments to their customers and joining the European SCT Inst instant payments scheme that is being introduced by the European Payments Council. They have agreed to work together under the auspices of Febelfin The Belgium Financial Sector Federation to ensure compatibility and mass adoption.

 
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  • Country

    Belgium

  • Region

    Europe

  • Scheme name

    A common brand name will be created.

    Expected to be confirmed in 2018

  • Status

    Planning

  • Operating organisation

    Febelfin is currently co-ordinating activities.

    Discussions started in October 2015

    In April 2016 they issued a vision note

    And now they have established an Instant Payments working group. There are apparently three main project streams: product, clearing, settlement

  • Date of initial deployment

    Q4 2018

    The Belgium Banks started thinking about instant payments in the Autumn of 2014.

    Connectivity testing to start in Autumn 2017

Romania

The Romanian Banking Association is working in close co-operation with the National Bank of Romania and TRANSFOND the operator of the national payments infrastructure to introduce instant payments to Romania. These will support RON payments initially. Romania has already adopted the SEPA schemes for Credit Transfers and Direct Debit for RON payments.

 
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  • Country

    Romania

  • Region

    Europe

  • Scheme name

    Not yet announced

  • Status

    In planning phase

  • Date of deployment

    By the end of 2018

  • Operating organisation

    TRANSFOND are building and will operate the national instant payments infrastructure

    The Payment Scheme Working Group of the Romanian Association of Banks are determining how this instant payments will be introduced and the capabilities that will be offered.

Netherlands

The Dutch Payments Association have announced plans for instant payments in the Netherlands. These will be fully interoperable with the regional SCTInst scheme. It has become clear that Multiple CSMs will be offering instant payments services in the country.

   
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  • Country

    Netherlands

  • Region

    Europe

  • Scheme Name

    No brand name is planned.

    Each bank will decide how to brand and communicate payment services to its customers.

  • Status

    Building phase

  • Operating Organisation

    Dutch Payments Association

  • Date of initial deployment

    1st May 2019 – Infrastructure to be available for launch

    1 January 2019 – Start of pilot

    1 July 2018 – Start of testing between payment service provider

    Building phase currently underway

    Announced in May 2015

Hungary

The Hungarian Central Bank have announced plans to introduce a real time payment system that offers an electronic alternative to cash. The plan is for this system to be compatible with the European SCT Inst scheme, however it will support higher domestic credit transfers amounts up to a maximum limit of 10 million HUF (€32000).

 
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  • Country

    Hungary

  • Region

    Europe

  • Scheme name

    Not yet announced

  • Status

    In planning phase

  • Operating organisation

    Giro Zrt will be the operating organisation

  • Date of Deployment

    Planned for launch on 1st July 2019

USA (Federal Reserve)

Neither the Federal Reserve (FED) nor the US Federal Reserve Payments TaskForce (FPTF) is planning to operate their own real-time payments scheme or choose a single preferred solution.  The FED is merely acting as a catalyst, overseer and cheerleader. It is looking to the private sector to meet market needs. The FED Taskforce have established key effectiveness criteria against which 16 faster payment solutions have been assessed and produced guidelines and recommendations for private operators and bodies, such as NACHA, to pursue. The first out of the block was The Clearing House (TCH) with its real-time payments (RTP) platform go live on 13 November 2017. Others are expected to follow.

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  • Country

    USA (Federal Reserve)

  • Region

    North America

  • Scheme Name

    Faster Payments Task Force.

    However it should be noted that the intention is not for the FED to directly run its own real-time payment system, but rather carry out a professional review and assessment of the various solutions being offered to the US market. The FED is aiming to be a catalyst.

  • Status

    Planning

    In 2016 over 30 firms submitted applications to the Task Force. This led to 22 proposals being received, of which 19 have continued through the process.

    Part One of the Final Report was published in January 2017.

    Part Two of the Task-force final report was published in July 2017

     

  • Operating Organisation

    This initiative is being managed for the Federal Reserve Bank by a Faster Payments Task Force.

    Learn more about the Task force

  • Date of initial deployment

    2018 is the earliest anticipated widespread availability although early adopters did go live on 13 November 2017 on the TCH RTP platform. It will be closer to 2020 before ubiquity is achieved or even further out.

    The FED are hoping that the market will come up with a range of appropriate services rather than it needing to put in place its own service.

Canada

Payments Canada, formerly the Canadian Payments Association, has set out a number of payment initiatives to modernise the country's payments infrastructure. This is one of the largest payment modernisation programmes currently being planned globally. Instant (real time) payments is one of the drivers being addressed by Payments Canada and a key pillar of its modernisation program.

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  • Country

    Canada

  • Region

    North America

  • Scheme Name

    No instant payment scheme brand name has been announced.

    The name for the new core clearing and settlement system is Lynx

  • Status

    Planning

  • Operating Organisation

    Payments Canada

  • Date of initial deployment

    Not yet set

New Zealand

Payments New Zealand have undertaken detailed global research into the modernisation of payment systems. This forms part of their Payments Direction plan. Several system enhancements have already been introduced to reduce the time for funds to be cleared. Now they are considering how to offer instant payments but few details have currently been disclosed publicly.

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  • Country

    New Zealand

  • Region

    Asia Pacific

  • Scheme Name

    No name yet announced

  • Status

    Planning

    Part of the Payments Direction initiative.

  • Operating Organisation
  • Date of initial deployment

    No date has been set for instant payments.

    However, in November 2016 best practices were agreed between banks to allow funds to be transferred within one hour.

    These result rom the Settlement Before Interchange and Cleared Funds initiatives that have been introduced.

Saudi Arabia

The Saudi Arabian Monetary Authority (SAMA) has oversight responsibility for payments in the Kingdom. They are planning that the Future Ready ACH system will extend the capabilities of the current SARIE interbank RTGS system which to date has focussed on high value transactions.

   
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  • Country

    Saudi Arabia

  • Region

    Middle East

  • Scheme name

    Future Ready ACH (FR-ACH)

  • Status

    In Planning phase

  • Operating Organisation

    Saudi Arabian Monetary Agency (SAMA)

  • Date of Deployment

    Expected to be ready for 2018

Slovenia

Bankart is establishing a national instant payments infrastructure on behalf of Slovenian banks for domestic transactions and cross-border reachability. It will be compatible with European SCT Inst scheme.

   
Read more
  • Country

    Slovenia

  • Region

    Europe

  • Scheme Name

    BIPS

  • Status

    In development

  • Operating Organisation

    Bankart

  • Date of deployment

    No date yet published.

    Anticipated to be 2018 or 2019.

    Vendor selection is currently underway.

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