Sri Lanka vs Euro Area · Real-time payment systems compared
| Capability | CEFTS | SEPA Instant |
|---|---|---|
| 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.
Pan-European instant credit transfer scheme enabling payments across 36 SEPA countries in under 10 seconds, 24/7/365. Transactions clear through the ECB's TIPS platform or EBA Clearing's RT1 system, with a maximum amount of €100,000. The EU's Instant Payments Regulation (IPR) mandates all eurozone banks to offer SCT Inst by 2025, dramatically expanding reach. Built on ISO 20022, it represents the largest cross-border instant payment zone in the world by number of participating countries. Wero, the digital wallet launched by the European Payments Initiative (EPI) in 2024, runs on SCT Inst rails — Wero transactions are included in these figures.