Scheme rules must ensure that credit transfer instructions are the payment type and that these messages should be completed in real-time, using good funds, and are irrevocable once initiated. Irrevocability, or requiring that the funds cannot be recalled or reversed, ensures that the payer is in control of the payment and the payee can confidently use funds once received. Interbank settlement should also occur quickly.
How to Implement
Practices
Good Funds
Learn More Review Good FundsNear Real-Time Settlement
Learn More Review Near Real-Time SettlementIrrevocable
Learn More Review IrrevocableWhy It Matters
Key benefits of instant payments are immediate funds availability for both consumer and merchant end users and that they cannot be recalled, making them less costly overall for DFSPs.
Related Resources
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Review other L1P practices and learn more about how to apply them to your IPS.
