Source: https://rivet.global/blog/instant-payments-compared
Published: 2026-11-02 · Updated: 2026-11-02 · By Rashidatou K.

# Instant payments compared: FedNow, RTP, SEPA Instant, Faster Payments, Pix and UPI

How the main instant payment systems work, who runs them, their speed and availability, and what they mean for businesses paying and getting paid across borders.

## Key takeaways

- The US has two instant systems: RTP from The Clearing House, live since 2017, and FedNow from the Federal Reserve, live since July 2023.
- SEPA Instant moves euros in about ten seconds, and EU law now makes banks offer it at the price of a standard transfer.
- UK Faster Payments has run since 2008, Brazil's Pix since November 2020 and India's UPI since 2016.
- These systems are domestic. A payment from one country to another still needs a cross-border leg, by wire, stablecoin or a provider with local accounts at both ends.
- For a business, the gain is getting paid locally in seconds once you hold account details in the payer's country.

An instant payment system moves money between banks in seconds and settles it there and then, every day of the year. Fifteen years ago that was rare. Now almost every large economy has one, and some have two. They share a design goal but differ in who runs them, what they cost and how widely banks have joined.

## The main systems side by side

| System | Market | Run by | Launched | Typical speed |
|---|---|---|---|---|
| Faster Payments | UK, GBP | Pay.UK | 2008 | Seconds, 24/7 |
| UPI | India, INR | NPCI | 2016 | Seconds, 24/7 |
| RTP | US, USD | The Clearing House | 2017 | Seconds, 24/7 |
| SEPA Instant | Euro area and wider SEPA | European Payments Council scheme | 2017 | About 10 seconds, 24/7 |
| Pix | Brazil, BRL | Banco Central do Brasil | 2020 | Seconds, 24/7 |
| FedNow | US, USD | Federal Reserve | 2023 | Seconds, 24/7 |

## The US: two systems, uneven reach

RTP and FedNow do the same job. Each bank chooses which to join, and many smaller banks have joined neither. So an instant payment in the US depends on both banks being on the same network. When they are not, the payment falls back to ACH or a wire. Our [ACH vs wire guide](/blog/ach-vs-wire-transfer) covers those older rails.

## Europe: instant by law

In the euro area, the Instant Payments Regulation made banks receive and send SEPA Instant transfers and stopped them charging more than for a standard transfer. Banks in EU countries outside the euro follow in 2027; see [the 2027 SEPA Instant deadlines](/blog/sepa-instant-non-euro-countries-2027).

## Brazil and India: instant as the default

Pix and UPI are the clearest successes. Both are run or overseen by public bodies, cost little or nothing for individuals, and became the normal way to pay within a few years. Contractors and suppliers there often expect to be paid this way. The [BRL payments guide](/blog/brl-business-payments) covers Pix for businesses, and the [INR guide](/blog/inr-business-payments) covers UPI and Indian bank transfers.

## What none of them do

They do not cross borders. A FedNow payment cannot land in a SEPA account. Projects to link instant systems exist, but for now the cross-border part still runs on correspondent banking, card networks or stablecoins.

The practical answer for a business is to hold account details in each currency it works in. A US client pays your USD account on ACH or RTP, a German client pays your IBAN on SEPA Instant, and the cross-border step happens once, inside your own balances, when you choose to convert.

## Local rails on Rivet

Rivet gives a company USD details on every plan and EUR and GBP details on Growth, and pays out on local rails including ACH, RTP, SEPA and Faster Payments. See [Payouts](/payouts).

## Questions

### What is the difference between FedNow and RTP?

Both settle US dollar payments between banks in seconds, around the clock. RTP is run by The Clearing House, a bank-owned company, and launched in 2017. FedNow is run by the Federal Reserve and launched in July 2023. A bank can join one, both or neither.

### Can I send an instant payment from the US to Europe?

Not on one system. FedNow and SEPA Instant do not connect. A provider that holds dollars in the US and euros in Europe can pay out instantly at the European end after converting.

### Are instant payments reversible?

Generally no. Once settled, the money has moved. That is why name checks such as Verification of Payee in Europe and Confirmation of Payee in the UK matter before you press send.

### Is ACH the same as an instant payment?

No. ACH settles in batches, with same-day options, and payments can be returned in some cases. RTP and FedNow settle each payment individually in seconds. See our ACH vs wire guide for the batch rails.