United Kingdom vs Sweden · Real-time payment systems compared
| Capability | Faster Payments | Swish |
|---|---|---|
| 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.
Sweden's dominant mobile payment app used by 8M+ people (in a country of 10.5M) for P2P transfers, in-store payments, and e-commerce. Swish transactions clear through the Bankgirot Immediate Payments (BIR) real-time clearing system. Founded by six major Swedish banks, Swish has been a key driver of Sweden's shift toward a nearly cashless society. Payments are initiated via phone number and settle instantly, with merchant payments supported via QR codes and Swish for Business.