United Kingdom vs United States · Real-time payment systems compared
| Capability | Faster Payments | RTP |
|---|---|---|
| QR Code Payments | — | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | ✓ | ✓ |
| Open API | ◐ | ✓ |
| Alias/Proxy | — | — |
The UK's core instant payment system handling bank-to-bank transfers up to £1M, with most payments arriving in seconds. Originally launched with a £10K limit in 2008, it was one of the world's first real-time retail payment systems. Settles via the Bank of England's RTGS system with net deferred settlement. Managed by Pay.UK, the FPS rail also processes standing orders and forward-dated payments, but the data shown here covers Single Immediate Payments only — the real-time component. The New Payments Architecture (NPA) programme is modernising FPS with ISO 20022 messaging.
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.