Sri Lanka vs United States · Real-time payment systems compared
| Capability | CEFTS | RTP |
|---|---|---|
| QR Code Payments | ✓ | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | — | ✓ |
| Open API | ◐ | ✓ |
| Alias/Proxy | ✓ | — |
The Common Electronic Fund Transfer Switch is Sri Lanka's fast-payments backbone, launched in 2015 by LankaPay under Central Bank of Sri Lanka guidance as part of the Common Card and Payment Switch (CCAPS). CEFTS clears 24/7 real-time interbank credit transfers up to LKR 5 million, initiated through internet/mobile banking, ATMs, kiosks or over-the-counter. LANKAQR (QR-code standard), JustPay (in-app payments) and LPOPP (online payment platform, including GovPay) all ride on CEFTS. CEFTS now carries roughly two-thirds of Sri Lanka's interbank retail transactions.
The first modern US instant payment system, operated by The Clearing House (owned by 22 of the largest US banks). RTP launched in 2017 and supports credit transfers up to $1M with immediate finality — no chargebacks or returns. It also offers Request for Payment (RfP) messaging for bill pay and invoicing. While FedNow provides Fed-backed infrastructure, RTP has a head start with broader bank connectivity and higher transaction limits, and processes the majority of US instant payment volume today.