3 ms·

It seems to be in fact instant: https://en.wikipedia.org/wiki/Faster_Payments_Service https://en.wikipedia.org/wiki/Faster_Payments_Service

• ur-whale 6y ago
  There is precious little explanation in the article you cite on how this is actually implemented on the back-end. Banking plumbing is notoriously harder than most folks realize, and I wouldn't be surprised if there wasn't very hard (and very small) limits to how big of an amount / how many TPS you can actually execute with this system. I might be wrong, but I'd be surprised if you could move 10M pounds instantaneously with this.
  • tonfa 6y ago
    Got curious, for SEPA there's next day settlement and 1B EUR limit. The instant SEPA transfers have a 100k limit.
    • namibj 6y ago
      My understanding is that this is due to instant SEPA blocking chargebacks to some extend.
  • fastball 6y ago
    Stop moving the goalposts.