Real-time payments enables the inter-bank transfer of funds between accounts held at connected institutions as easily and rapidly as a transfer between accounts within a single institution.

Real-time payments is about more than just speed. It supports payment services which encourage customer self service and straight through processing. By delivering real time, irrevocable payments where both parties obtain immediate awareness of the fate of the transaction, real-time payments provide an electronic version of cash.

Real-time payments has the potential to compliment or replace existing payment infrastructures, providing efficient, cost effective, standardised payment solutions to banks and wider communities. They can enable, among other things, innovation and product development within the banking industry and the faster and more efficient movement of money through the economy.

The first implementation of the VocaLink Real-Time Payments Platform has been the Faster Payment Service within the UK. This service has been established in response to regulatory pressure to provide near real time single immediate payments through on-line and telephone banking and same day standing orders. In the short time since the launch of this service, the volume and value of transactions processed have exceeded expectations and the service is fully established as part of the UK payments infrastructure.