Real-Time Payments: Case Studies from Around the World

by Gareth Lodge, September 16, 2014
Case Studies


This is the second in the series of reports looking at real-time payments. Celent research shows that the adoption of real-time payment systems will accelerate over the next 10 years and become the norm.

Given this transition, many countries are beginning to think about what real-time payments might mean to them. In doing so, they have turned their attention to the systems currently being used.  However, many countries have focused on just a small sample of systems (for more, see the recent Celent report Real-Time Payments: Dispelling the Myths).

“There is a misconception that there are only a handful of real-time systems out there, rather than the actual 35 plus. As a result, countries may well have overlooked systems which would have been closer in situation to them,” notes Gareth Lodge, Senior Analyst in Celent’s Banking group, and author of this series of reports.

“This report is the most comprehensive review of real-time payments systems available, and will prove invaluable to anyone looking at real-time payments, either to build one in their own country or needing to connect to as part of their bank’s international expansion,” adds Lodge.

The report looks in detail at seven systems around the world (Denmark, India, Mexico, Poland, Singapore, Sweden, and the UK). It examines the factors that led to their creation, and highlights interesting and unusual features of the systems. The development of real-time payment systems is growing, but there have been few elements to date that would be considered standard features. This report highlights a number of aspects that are emerging and are likely to become standard features, such as the use of single messages and ISO 20022.

The report also highlights a wide range of settlement speeds and approaches. Finally, the report summarizes seven further systems (Brazil, Chile, China, Japan, South Africa, South Korea, and Switzerland).

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary




Denmark (NETS)


India (IMPS)


Mexico (SPEI)


Poland (Express Elixir)


Singapore (G3/FAST)


Sweden (BiR)


UK (Faster Payments)


Other Countries of Note


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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