United Kingdom vs Mexico · Real-time payment systems compared
| Capability | Faster Payments | SPEI |
|---|---|---|
| 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.
Mexico's Sistema de Pagos Electrónicos Interbancarios is one of the world's earliest 24/7 real-time payment systems, operated directly by the central bank (Banxico). SPEI processes both high-value and retail payments with no maximum transaction limit, settling in real time through Banxico's accounts. It supports CLABE (standardised 18-digit account numbers) and has been extended with CoDi, a QR-based overlay for merchant payments. Note: SPEI data includes both immediate and scheduled transfers on the same rail, as Banxico does not separately report real-time vs deferred transactions.