Instant Payment Systems Around the World: A Global Guide for Businesses

Businesses and consumers alike seek faster ways to handle transactions, and instant payment systems have emerged as a reliable solution. These systems, each with their own unique features, are the backbone of a new digital economy. They're making payments immediate, secure, and available 24/7, 365 days a year. For merchants, this means quicker access to cash, reduced risks, and an edge over slower alternatives like card payments. In this article, we explore instant payments global view, mapping out systems by region, highlighting their advantages, and showing how providers like Noda can help businesses tap into these networks effectively.

Key Takeaways

• Instant payments are bank-to-bank transfers that happen in seconds, not days, revolutionising how money moves globally.
• Global instant payment systems vary by region: Europe leads in integration, while Latin America is scaling fast.
• Adopting these systems offers significant advantages for merchants, including lower fees, no chargebacks, and improved cash flow.
• There isn't a single, unified global instant payment system yet, making it crucial to have a payment provider that can navigate this complex landscape.
• Noda's platform simplifies instant payment collection, offering a single integration to access multiple payment systems in the UK, Europe, Canada, and Brazil, along with robust data and security features.

How Do Instant Payment Systems Work Globally?

At their core, instant payment systems are national or regional infrastructures that allow bank-to-bank transfers to settle in seconds, 24 hours a day, seven days a week.

They’re not wallets like PayPal or Apple Pay. Instead, they operate at the banking layer, often run by central banks or payment councils, and are designed for interoperability between financial institutions.

So, how do instant payments work internationally?

Each country or economic zone typically has its own instant payment rail. When a customer initiates a transfer (e.g., via online checkout or mobile banking), the request travels through the national system, which verifies funds, clears the transaction, and settles it — all in a few seconds in most cases unlike traditional batch processing that can take hours or days. 

A common point of confusion is the difference between real-time and instant payments. The difference between instant and real-time payments is subtle but clear: real-time payments settle transactions without delay, while instant payments are executed quickly but might involve slight nuances in clearing depending on the system.

The Benefits for Merchants: Why You Should Care

For a business, especially one operating online, the shift to instant payments can be a game-changer. Here are some of the standout benefits:

Instant Payments World Map: Charting the Global Landscape

To give you a clearer picture, here's a synthesised list of instant payment systems by country, key global markets included only.

As it is evident, there is currently no single global instant payment system; rather, a network of national and regional systems interoperate or cooperate to facilitate instant payments both domestically and increasingly cross-border. Here’s a regional breakdown of some of the more prominent instant payment systems in the world.

Europe: A Mosaic of National Champions and SEPA Instant

Europe presents a fascinating case study. While the SEPA Instant scheme provides a pan-European instant payment rail for the Euro, many non-Euro countries have developed their own highly successful domestic systems.

• SEPA Instant (SCT Inst): The jewel in Europe's crown is SEPA Instant. Launched in 2017, it's a pan-European scheme that allows for instant euro transfers between participating banks in the Single Euro Payments Area (SEPA). This means a customer in Germany can send money to a business in Italy, and it will arrive in seconds, provided both banks are part of the scheme. From January 2025, EU rules began phasing in mandatory SEPA Instant adoption for Eurozone banks, which is set to accelerate its adoption dramatically.
• United Kingdom: Faster Payments Service (FPS): While not part of the Eurozone, the UK was an early pioneer with its Faster Payments Service, launched in 2008. It allows for near-instant GBP transfers between UK bank accounts, 24/7. It's the standard for domestic bank transfers and a perfect example of a mature instant payment system.
• Bulgaria: Blink Instant Payments: Launched in 2021 by BORICA, Blink is Bulgaria’s national instant payments system. It enables 24/7 real-time transfers in BGN, with transactions typically completed in under 10 seconds. Most major Bulgarian banks now support the system, and adoption is steadily growing across the country.
• Czech Republic: CERTIS Instant: The Czech CERTIS Instant system allows domestic CZK transfers to settle instantly around the clock.
• Hungary: AFR (Azonnali Fizetési Rendszer): Hungary’s AFR has made instant HUF payments mandatory since 2020, ensuring all domestic bank transfers up to a set limit are processed in seconds.
• Poland: Express Elixir: Poland’s system, Express Elixir, is a great example of a national instant payment rail. It enables instant PLN transfers and is a key part of the Polish digital economy.
• Romania: TRANSFOND: In Romania, TRANSFOND handles instant payments in RON, providing real-time settlement for domestic transfers.
• The Nordics and CEE Extensions: The Nordic countries have their own success stories. For example, Swish in Sweden and Vipps in Norway, while often seen as peer-to-peer (P2P) wallets, are built on the underlying instant bank rails, allowing for seamless and instant payments between individuals and businesses. Denmark also has a well-developed instant payment infrastructure through its MobilePay platform, which is integrated with the Danish national clearing system, allowing for immediate bank account transfers. 

Table comparing select systems:

In the Netherlands, iDEAL processes over 1 billion transactions annually, reducing card fraud and offering merchants instant confirmations. Similarly, Poland's Blik and Sweden's Swish, while wallet-based, rely on underlying instant rails like Express Elixir and BIR, providing merchants with low-cost alternatives to cards.

By 2025, already 68.8% of jurisdictions worldwide have operational instant systems, with Europe at the forefront. Merchants here enjoy benefits like immediate settlements and refunds, enhancing customer satisfaction—unlike card refunds, which can take days.

Tip for merchants: Across Europe, plug Noda, an open banking platform, into your checkout once and you’re live on the instant bank rails of 28 countries, covering 2,000+ banks and nine currencies (GBP, EUR, RON, DKK, PLN, CZK, SEK, NOK, HUF). No separate contracts, money moves in seconds and settles in the same currency your customer pays.

Request to Pay:

It's also important to mention the Request to Pay (RtP) is an emerging functionality being actively developed and rolled out across Europe, led by the European Payments Council (EPC) and supported by major banks, payment service providers, and infrastructure operators. This allows a payee to send a digital request for funds directly to a payer's bank app, who can then approve and pay it instantly with a few clicks. This is a powerful tool for invoicing and billing.

Americas: Rapid Growth in Key Markets

The Americas are catching up fast, with some of the most dynamic and fastest-growing instant payment systems in the world.

• Brazil: Pix:  Launched in November 2020 by the Central Bank of Brazil, Pix has become a local phenomenon. By 2024, it handled 64 billion transactions, and now represents 40 % of Brazilian e-commerce volume, overtaking credit and debit cards. Pix is versatile: shoppers can pay with a QR code, phone number, e-mail, CPF or a randomly generated key, and merchants receive funds in under one second.
• Canada: Interac e-Transfer: In Canada, Interac e-Transfer is the go-to for instant payments. While traditionally used for person-to-person (P2P) transfers, it is increasingly being adopted by businesses for its speed and convenience.
• United States: FedNow and RTP: The US instant payments landscape is unique, with two coexisting systems. The Clearing House’s Real-Time Payments (RTP) network has been live since 2017, primarily adopted by large banks. However, the launch of the Federal Reserve’s FedNow Service in July 2023 marks a turning point — designed to ensure nationwide access, including for smaller banks and credit unions. With over 1,400 institutions already onboarding, FedNow is poised to accelerate adoption across the US market, making it a critical market for any business scaling real-time payments.

Table comparing select systems:

Asia Pacific & Middle East: Diverse Instant Payment Solutions

Asia-Pacific leads in volume with systems like India’s Unified Payments Interface (UPI) processing over 15 billion transactions a month (as of Nov 2024), a staggering volume that reflects deep financial inclusion and digital adoption. China’s mobile-first platforms Alipay and WeChat Pay dominate with a combined reach of over 2 billion users, integrating payments with daily life via QR codes.

Singapore’s PayNow facilitates over 80% instant payment adoption among residents and businesses, pioneering real-time international payments by partnering with systems like UPI.

Several Middle Eastern countries operate national instant payment systems such as Bahrain’s Fawri+ and UAE’s Aani, broadening access and convenience in those markets.

 Asia Pacific and Middle East: Instant Payment Systems (selected)

With over 80 countries with instant payment systems now live worldwide — from the UK and Singapore to Brazil and UAE— instant payments are becoming the standard for fast, reliable, and cost-effective transfers.

Navigating the Global Maze: The Challenge for Businesses

For a business looking to leverage these benefits across multiple countries, the global landscape presents a clear challenge: complexity.

Each system requires a separate technical integration with different APIs, protocols, and security standards. You would need to establish individual banking relationships or partnerships with payment service providers (PSPs) in each country. Managing reconciliation, reporting, and compliance across all these different channels becomes a significant operational burden.

This fragmentation is the very reason a unified solution is not just convenient but essential for international growth.

How Noda Powers Global Instant Payment Collection

This is where Noda transforms the opportunity into a simple, actionable strategy. Noda provides a single, streamlined API that gives your business access to a vast network of instant payment systems across the globe.

With Noda, you can:

• Collect Instant Payments in the UK, Europe, Canada & Brazil — All via One API: Noda powers instant bank payment collection across four of the world’s most advanced real-time payment markets, giving you direct access to local rails without the complexity of multiple integrations.
• Send instant payouts to customers anywhere we operate, enhancing your service offering.
• Eliminate complexity by avoiding the need for multiple bank accounts and technical partnerships in every country you operate.
• Benefit from higher security, lower fees, and instant settlement, improving your bottom line and operational efficiency.

Noda acts as your gateway to the world's most popular instant payment systems, making it simpler than ever to accept the payment methods your customers know and trust.

Why Merchants Choose Noda: Our Key Advantages

• One Integration, Thousands of Banks:

With Noda, you don’t need separate connections for every bank. We give you direct access to all major banks and over 2,000 financial institutions across 28 European countries(including the UK) — all through a single API. Whether your customer banks with AIB, Revolut, or Deutsche Bank, Noda ensures seamless payment acceptance.

• Ultra-Low, Transparent Fees:

Say goodbye to hidden markups and high card processing costs. Noda offers transaction fees starting from just 0.1%, making it one of the most cost-effective ways to collect payments.

• Built to Integrate — Fast:

Get up and running in minutes. Use our ready-made plugins for WooCommerce, Magento, PrestaShop, and OpenCart — or integrate via our clean, developer-friendly APIs for custom platforms. Either way, going live with instant bank payments has never been easier.

• Instant Settlement, Real-Time Cash Flow:

Receive payments in seconds, not days. Funds settle directly into your bank account with no intermediaries, eliminating the delays and uncertainty of card networks. Perfect for improving working capital and reducing payment friction.

• Dedicated Support, Every Step of the Way:

You’re not on your own. From onboarding to scaling, you’ll have a dedicated account manager who understands your business and helps you get the most out of Noda — whether it’s optimising conversion or expanding into new markets.

• One Platform, Every Payment Option:

Give your customers the choice they want. With Noda, you can combine instant bank payments (via open banking) with cards, Apple Pay, and Google Pay — all in one unified checkout. No juggling multiple providers.

• No Website? No Problem — Use Payment Links:

Don’t have a full e-commerce site? No coding skills? No issue. Generate instant payment links in seconds and start collecting via direct bank transfer, ideal for freelancers, small businesses, or service providers who invoice manually.

Ready to Simplify Your Global Payments?

Get in touch with Noda today and unlock instant bank payment collections in the UK, Europe, Canada, and Brazil — with one API, one contract, and one platform.