Application Fast Funds – We compare payments in the UK and Europe to find out what it means in the world of instant online payments.
When it comes to customer experience, fast checkout is key. They can help you retain customers and even win new ones.
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Brands that process their payments instantly, but in industries like wealth management and online gaming, about half of customers tend to do so.
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Instant payments have other advantages. for businesses, this means better visibility into real-time cash positions and better cash flow. If you’re in e-commerce, it also means less risk, because you don’t have to complete the order before receiving the payment.
But what does ‘instant’ mean when it comes to online payments and how far are we getting in the UK and Europe?
Although many merchants and service providers claim that payment is immediate, this is not always the case. First of all, it depends on the rails.
Even if a payment is not made immediately, companies often allow their customers to use their money as soon as they confirm that the payment has been processed.
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For payments and chargebacks, customers cannot use their money until the money is in their account, meaning instant payments are only possible in the UK via Fastest Rail and in European countries with SEPA Instant Credit Transfer High Coverage (SCT Inst). .
Bank-to-bank payments (sometimes called account-to-account or A2A) are usually the fastest payment method. This is due to the fact that the money goes directly from the customer’s account to the merchant’s account. no middleman keeps the money.
Actually, the speed mainly depends on the country’s payment system/core banking mechanism, as well as the percentage of banks and service providers that have joined this program.
The faster payments scheme, operated by Pay.UK, was launched in the UK in 2008 for online and telephone payments. Before it arrives, payments usually take 3 days with BACS (or within 1 day and often immediately with CHAPS for large value payments). With faster payments, the recipient usually receives the money within seconds, although in some cases it can take up to 2 hours.
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Last year £2.9 billion (or £2.1 trillion worth) of payments were processed using Faster Payments, and all UK banks and companies can send and receive them.
The European Payments Council launched SCT Inst in November 2017 and is the first instant payment scheme in Europe. But it is an optional project. And since not all banks are members, not all payments can be made through this program.
For example, Germany and Spain have high SCT Inst coverage (87%), while Ireland has very low coverage (1%). There is 58% coverage for SCT Inst in the UK and across Europe. We expect to see this increase as more banks join the faster trains.
Another issue with SCT Inst is that it uses two different infrastructure solutions, RT1 and TIPS. Banks can participate. But these two systems cannot work together, which means you cannot pay between the two.
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In September 2020, SCT Inst processed up to 7.4% of all SEPA payments (the remainder was through the classic SEPA credit transfer scheme, settled within 1 business day).
The good news is that open banking is changing the possible. gives merchants access to the fastest payment channels reserved only to banks.
Open Bank Payments (or Payment Initiation Services – PIS – as they are technically known) are usually processed by Faster Payments in the UK and SCT Inst or SCT in Europe.
As explained above, this means that the money goes directly from the customer’s account to the merchant’s account, without an intermediary holding the funds.
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This is true even if you use a service provider like TrueLayer to process your payments on Open Bank. TrueLayer customers benefit from these rails without the need for monitoring and without insecure options such as screen scraping.
As more and more companies offer open bank payments to their customers, we are seeing rapid growth in payment volumes. And with the volume we provide through programs like SCT Inst, the banks with the most incentives should join the program, which ultimately means customers will continue to benefit from instant payments.
The benefits of open bank payments for merchants are significant. Speed aside, they typically convert 40% better than cards, have very low return rates, low fraud, higher value limits, and are cheaper.
But open banking is a one-way street, meaning you can’t use it to make returns or pay customers.
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That’s why TrueLayer has combined the power of open banking with instant payments (via the fastest bank payment line discussed in this article) to offer businesses a complete, high-conversion, low-fraud online payment solution: PayDirect.
You can learn more about PayDirect here or contact us to speak to one of our payments specialists.
UX/UI Guide. How to Implement Open Bank Deposits in Your App Your users want to add money to their wallets, and they want to do it now. Let’s get there fast and let them get there in style.
UX/UI Guide. How to optimize your Open Bank user journey. Give your users a better app experience by following these simple implementation methods.
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