Posted on 26 May 2021
In the market, there is some confusion between real-time payments and faster payments. Let’s begin here by clarifying the difference. Real-time payments are under the category of faster payments. However not all faster payments are necessarily real-time.
Real-time payments refer to payment clearing and settlement systems that share a few characteristics. First, they are real-time, initiating, clearing, and settling in a matter of seconds. Second, real-time payment networks are 24x7x365, meaning they are always online and available. Payment channels that don’t match these categories, but provide a greater advantage in respect to speed compared to heritage or legacy payment systems, are faster payments.
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