Comparative tables

Table PS1: Features of selected payment systems

System Type Settlement

LVPS = large-value payment
system
RPS = retail payment system
FX = foreign exchange
settlement system
Name of country/institution
FPS = fast payment system
Owner Manager
RTGS = real-time gross CB = central bank CB = central bank
settlement B = commercial bank B = commercial bank
MN = multilateral netting PA = payment association PA = payment association
BN = bilateral netting O = Other O = Other
G = other gross settlement
BA = batch settlement

Argentina MEP - Medio Electrónico de Pagos LVPS RTGS CB CB

SNP - Sistema Nacional de Pagos RPS+FPS MN B B
Australia RITS LVPS RTGS CB CB
Belgium TARGET2-BE LVPS RTGS CB CB
CEC RPS MN B B
Brazil STR LVPS RTGS CB CB
SITRAF RPS RTGS PA1 PA1
BMFBovespa-FX FX MN O O
SILOC RPS MN PA1 PA1
COMPE RPS MN B B
Canada LVTS LVPS MN PA PA
ACSS RPS MN PA PA
Interac e-Transfer RPS BN O3 O3
China HVPS LVPS RTGS CB CB
BEPS RPS MN CB CB
ACH2 RPS MN CB CB
CUPS RPS MN PA PA
IBPS RPS+FPS MN CB CB
France TARGET2-BDF1 LVPS RTGS CB CB
PNS LVPS BN/RTGS CB+B/PA CB+B/PA
CORE (FR)2 RPS MN B B
Germany TARGET2-BBk LVPS RTGS CB CB
RPS RPS BA CB CB
STEP2 Card Clearing RPS BA, MN PA PA
Hong Kong SAR HKD CHATS LVPS+FX RTGS CB B1
USD CHATS LVPS+FX RTGS B B1
EUR CHATS LVPS+FX RTGS B B1
RMB CHATS LVPS+FX RTGS B B1
India RTGS LVPS RTGS CB CB
NEFT LVPS+RPS MN CB CB
Card based payments RPS MN PA PA
Cheque Clearing RPS MN PA CB, PA, B
ECS / NECS RPS MN CB CB
NACH RPS MN PA PA
UPI FPS MN PA PA
IMPS FPS MN PA PA
Indonesia BI-RTGS LVPS RTGS CB CB
Bank Indonesia National Clearing System
(SKNBI) RPS MN, BA CB CB
 Comparative tables TARGET2-BDI LVPS RTGS CB CB
Italy
BI-COMP RPS MN CB CB
Japan BOJ-NET LVPS RTGS CB CB
FXYCS LVPS RTGS B B
Zengin System RPS MN B B
Tokyo Clearing House RPS MN B B
Korea BOK-Wire+ LVPS RTGS CB CB
Check Clearing System RPS MN PA PA
Interbank Shared Networks RPS MN PA PA
Mexico SPEI LVPS+RPS+FPS MN CB CB
SPID LVPS MN CB CB
CECOBAN RPS MN B B
 Comparative tables TARGET2-NL LVPS RTGS CB CB
Netherlands
Equens RPS MN, BA B B
Russia BESP System LVPS RTGS CB CB
National Settlement Depository (NSD) LVPS+RPS RTGS, BA B B
VER LVPS+RPS G CB CB
MER LVPS+RPS G CB CB
Payments using letters of advice LVPS+RPS G CB CB
Saudi Arabia SARIE LVPS+RPS RTGS CB CB
Singapore MEPS+(IFT) LVPS RTGS CB CB
SGDCCS RPS MN PA PA
USDCCS RPS MN PA PA
IBG RPS MN PA PA
FAST RPS+FPS MN PA PA
South Africa SAMOS LVPS+RPS RTGS CB CB
Spain TARGET2-ES LVPS RTGS CB CB
SNCE RPS MN O O
Sweden RIX LVPS RTGS CB CB
Bankgirot RPS MN B1 B1
BIR FSP RTGS B1 B1
Dataclearing RPS MN B B
Switzerland Swiss Interbank Clearing (SIC) LVPS+RPS RTGS O1 CB
Turkey EFT1 LVPS+RPS RTGS CB CB
Garanti Payment Systems RPS MN B B
Interbank Card Center RPS MN B B
Interbank Clearing House RPS MN CB B
MPTS RPS MN PA PA
United Kingdom CHAPS Sterling LVPS RTGS CB CB
Cheque/credit RPS MN B PA
BACS RPS MN B PA
Faster Payments Service FPS MN B PA
LINK RPS MN B PA
United States1 Cheque clearing: Federal Reserve RPS MN CB CB
Cheque clearing: Private RPS MN,BN,G B,PA B,PA
CHIPS2 LVPS MN, BN, G B B
Fedwire Funds Service LVPS RTGS CB CB
EPN3 RPS MN B B
FedACH RPS MN CB CB
NSS4 LVPS MN CB CB
RTP5 FPS RTGS B B
European Union TARGET2 LVPS RTGS CB CB
EURO1 / STEP1 LVPS MN PA PA
STEP2 RPS BA PA PA

Memo: CLS FX RTGS B1 B1

Footnotes
Argentina: 1 Different services operated by the SNP have varying operating hours, ranging from single batch daily processing for cheques to 24 hour availability in the case of fast payments.
Australia: 1 Australian eastern standard time. 2 Australian eastern daylight-saving time. 3 Based on the final time for Austraclear transactions for direct participants. 4 Final time for receiving MT 202 transactions in the evening session. 5 This relates
Brazil: 1 The system is owned by CIP, a not-for-profit association owned by banks. 2 The system is owned by B3 S.A. - Brasil, Bolsa, Balcão, which is a for-profit company. 3 Any financial institution holding a Reserve Account or a Settlement Account a
the system, which occurs throughout the day. 6 T and T+1 are also possible, but the relevant volume and value are very low. 7 The time of settlement finality depends on the type of the cleared documents. Real time is also possible, for bilateral operatio
 Comparative tables
Canada: 1 Not all payment categories process in real time. 2 To become a direct clearer, an institution must process payment items volume of at least 0.5% of the total national volume of payment items. 3
Interac e-Transfer is owned by Acxsys Corpora
settlement finality, however, settlement entries in accounts at the central bank are considered final.

China: 1 Payment orders are submitted for settlement during the day at the designated time. 2 There are around 80 ACHs, located in different cities,clearing local transfers independently.
France: 1 Since 18 February 2008, TBF (the French component of TARGET) and PNS have been replaced by TARGET2-Banque de France, the single French large-value payment system. 2
Launched on 28 January 2008, CORE progressively replaced
Germany: For SEPA direct debits as well as BSE and ISE cheque collection procedure. BSE / ISE payments submitted after 10:00 are settled on the next banking business day. SEPA direct debit payments are settled on the individual interbank settleme
1

banking business day.

Hong Kong SAR: 1 Hong Kong Interbank Clearing Limited is the system operator of HKD CHATS, USD CHATS, EUR CHATS and RMB CHATS in Hong Kong. It is jointly owned by the Hong Kong Monetary Authority and the Hong Kong Association of Ban
CHATS, (b) 08:30 and 05:00 next day for RMB CHATS.
India: 1 For CTS. 2 For Other cheque clearing houses. 3 For ECS. 4 For NECS. 5 For same day settlement. 6
The time for third party or indirect members is as agreed between the sponsor / direct member and the indirect participant. 7
The funds
are settled on the next day (T+1 basis). Other transactions are settled on the same day

Indonesia:1 For single payment credit transfer. 2 For paper-instrument clearing in certain areas in Indonesia (Jakarta, Bandung, Surabaya, and Medan). 3 For multiple payment credit transfer which submitted after 14.15
Italy: 1 Transfer orders are legally enforceable and binding on third parties at the start of the cycle when the settlement of the transfer orders takes place.
Japan: 1 Processing costs of transfer orders are recovered from the participants, but development and maintenance costs of BOJ-NET are covered by the Bank of Japan. 2 The "Core Time" of BOJ-NET Fund Transfer Service is from 9:00 to 17:00. Durin
BOJ-NET opens at 7:30. 4 The "Core Time" for FXYCS fund transfers is from 9:00 to 15:00. 5 Large-value payments (equal to or larger than 100 million yen) are routed to BOJ-NET for real-time settlement. 6 Cut-off time for bills and cheques sorted by

Korea: 1 For Interbank Funds Transfer System. 2 For CD/ATM System and Electronic Banking System. 3 For CMS System.
Mexico: 1 SPEI opens at 18:00 of the previous day.
Netherlands: 1 In principle; sometimes less.
Russia: 1 A small number of payments are not processed centrally due to technical issues. 2 Moscow time. The closing time can be extended. 3 Local time of the regional subsystem. The closing time can be extended. In some selected regions, the clo
on a gross basis with intraday finality, except for settlements between regions located in remote time zones, which have finality no later than the next day (T+1).

Singapore: 1 MEPS+(IFT) does not impose a cut-off time for third-party/international correspondents' payments, but the Association of Banks in Singapore (ABS) bye-laws on MEPS require all such payments to be made by 17:30 on Monday to Friday.
South Africa: 1 Volumes of transactions in retail payment streams are settled in batches. Thus, volumes recorded by the system represent the number of batches and not actual transactions settled.
Sweden: 1 Several commercial banks.
Switzerland: 1 SIC Ltd is a subsidiary of SIX Group Ltd, which owns 75% of the shares of SIC Ltd. The other 25% of the shares are held by PostFinance. SIX Group Ltd, in turn, is an unlisted public limited company domiciled in Zurich. The company is ow
SNB's website. 3 The system is open for input 24 hours a day. Settlement services are limited by the indicated opening and closing times. A value day starts at approximately at 19:00 local time on the previous business day and ends at 18:00 on the valu
transactions are restricted to the processing of Liquidity-Shortage Financing Facility (special-rate repo transactions, collateralised loans from the Swiss National Bank at a penalty rate).

Turkey: 1 EFT (Electronic Funds Transfer) system is the RTGS system operated by the CBRT. It encompasses both a customer payment system and a banking payment system.
United Kingdom: 1 Up to six settlements between times stated. UK bank and building societies who use the new image-based system are able to clear cheques by 23.59 on the next weekday at the very latest. 2 Faster Payment Service and LINK opera
United States: 1 Eastern Standard Time. 2 CHIPS, the Clearing House Interbank Payments System, is operated by TCH (The Clearing House Payments Company L.L.C.). 3 EPN, the Electronic Payments Network, is operated by TCH. 4 National Set
final on completion of settlement, which occurs throughout the day. 8 Previous calendar day. 9 Following calendar day.
European Union: 1 Previous calendar day. 2
STEP2 SCT payments are settled in TARGET2 through multiple day-time cycles and optional night-time cycles. STEP2 SDD payments are settled in TARGET2 through two separate cycles.
CLS: 1 Includes some non-bank financial institutions. 2
Central European Time (CET).
 Comparative tables

Closing time for same day Standard opening hours

Processing Membership Degree of centralisation Pricing Settlement finality Cut-off third-party orders
transactions opening
M = manual O = open C = centralised F = full cost The latest time of the day (in Real time = settlement finality is The latest time of the day (in local Opening and closing time of the
ACH = automated clearing R = restricted D = decentralised V = variable cost local time) at which transactions achieved in real time time) at which transactions can paymemt system (in local time)
house S = symbolic cost can be sent to the system for Intraday = settlement finality is be sent by third-party or indirect
RTT = real-time transmission 0 = no cost settlement on the same day. achieved continuously or several times participants to the system for
during the settlement day settlement on the same day.
T+n:xx:xx (in local time) = settlement
finality is achieved at specific times of
the day

RTT R C 0 20:00 Real time 19:30 8:00

ACH + RTT R D V 17:30 T+0: 20:00 nap nap1
RTT R C V 18.281; 20.282,3 Real time 18.051; 20.052,4 07:30
RTT O C F 18:00 Real time 17:00 07:00
RTT O C F 15:00 nav nav nap
RTT O3 C F 18:30 Real time 17:30 06:30
RTT O3 C F 17:00 Intraday5 17:00 06:30
ACH O4 C F 10:00 T+2: 14:056 nap 06:30
ACH O3 C F nap T+1: 07:50; 08:20; 13:10; 16:10 7 nap 06:30
ACH O3 C F nap T+1: 16:308 nap 06:30
RTT O C F 18:00 Real time4 18:00 nap5
nap1 R2 D F nap nap6 nap nap
nav nav D nav nap T+1: 12:00 nap nap
RTT O C F 20:30 Real time 17:00 08:30
RTT O C F 16:00 Intraday1 nap nap
ACH or RTT O C F nav Intraday1 nav nav
RTT O C F 24:00 Intraday1 nap nap
RTT O C 0 16:00 Intraday1 nap nap
RTT R C F 18:00 Real time 17:00 07:00
RTT O C F 16:00 Real time 16:00 nap
ACH O C F 13:30 15:15 nap nap
RTT O C F 18:00 Real time 18:00 07:00
ACH O C F 10:00 ; 11:002; 15:003
1
Intraday nap nap
ACH R C V 12:30 14:45 nap 12:30
RTT O C F 18:30 18:45 Real time nap 08:302
RTT O C F 18:30 Real time nap 08:302
RTT O C F 18:30 Real time nap 08:302
RTT O C F 05:00 next day Real time nap 08:302
RTT R C V 19:45 20:00 Real time 16:30 08:00
ACH R C S 19:00 Intraday nap6 08:00
ACH R C V nap T: 16:30 , T+1:15:00 nap6 nap
M, ACH R C1, D2 F, S nap T: 15:00, T+1: 10:30 (footnote 8) nap6 15:00
ACH R D3, C4 S nap T+1: 11:00, 17:30 (Return) nap6 nap
ACH R C S 13:00 Intraday nap6 nap
RTT R C V 18:007 T: Intraday, T+1: 09:30 (footnote 9) nap6 00:00
RTT R C V 18:007 T: Intraday, T+1: 09:30 (footnote 9) nap6 00:00
RTT R C F 19:00 Real time nap 06:30

ACH R C F 16:30 Intraday1, T+1: 12:002, T+1: 08:003 nav 06:00

Comparative
RTT
tables O C F 18:00 Real time 18:00 07:00
ACH O C F 17:00 1
17:00 21:00 on D-13
RTT R C V1 21:002 Real time 21:002 08:303
RTT R C F 21:004 Real time 21:004 08:303
RTT R C F 15:30 16:15, Real time5 15:30 nap
ACH R C F 08:006 12:30 08:006 nap
RTT R C F 17:30 Real time 17:30 09:00
M, ACH O D, C F 16:00 T+1: 11:00 nap nap
RTT O C F 18:001, 23:552, 14:00/17:003 T+1: 11:00 nap nap
RTT O C F 17.59 Real time 17:59 18:001
RTT O C F 16:59:59 Real time 16:59:59 8:00
ACH O C F nap2 T+1: 08:30 nap 14:00
 Comparative
RTT
tables O C F 18:00 Real time 18:00 07:00
ACH R C F 17:00 Intraday: every 30 min 15:30 nap
RTT R C V 21:002 Real time 21:002 04:00
RTT O C V 20:30 Real time 20:30 10:00
RTT O C, D1 V 21:003, 4 Intraday 21:003 10:00
RTT O C V 21:003, 4 Intraday5 21:003 10:00
M O D V 21:003, 4 T+3 21:003 10:00
RTT R C F 16:29 Real time 16:00 09:00
RTT O C V 19:00 Real time 19:001 09:00
ACH O C F 17:30 T: 15:05, 18:15 nap nap
ACH O C F 15:30 T+1: 10:30 nap nap
ACH O C F 12:00 T: 18:15 nap nap
ACH O C F nap T: 10:30, 17:00 nap nap
RTT R C F 24:00 Real time nap 0:00
RTT O C F 18:00 Real time 18:00 07:00
ACH R C F 15:00 T+1:10:45, T:12:00, T:16:00 23:30 08:00
RTT R C F 17:00 Real time 17:00 07:00
ACH O C F nap Intraday 16:20 nap
RTT O C F 24/7/365 Real time 24/7/365 24/7365
ACH O C F nap Intraday 15:20 nap
RTT R2 D F 18:153 Real time 17:00 19.00 (D-1)
RTT O C F 17:30 Real time nap 08:30
ACH R C F nap T+2: 14:00 nap nap
ACH O C F nap T+2: 14:00 nap nap
ACH O D F nap T+2: 12:00 nap nap
ACH O C F nap T+2: 15:00 nap nap
RTT R C F 18:00 Real time 18:00 06:00
ACH R D F nap T+6 10:40 to 11:10 1 nap nap
ACH R C F nap T+2: 09:30 nap 07:00
RTT R C F nap intraday nap nap2
ACH R D F nap T+1: 11:00 nap nap2
ACH O6 C F 17:30 T,T+1 nap nap
M,ACH O,R C,D F nav nav nap nap
RTT R C F 17:00 Intraday7 17:00 21:008
RTT O6 C F 18:30 Real time 18:00 21:008
ACH R C F 14:45 T,T+1,T+2 14:45 3:00
ACH O6 C F 14:45 T,T+1,T+2 14:45 3:00
RTT O6 C F 17:30 Intraday 17:30 7:30
RTT R C F nap Real time nap nap
RTT O C F 18:00 Real time 18:00 19:301
RTT R C F 16:00 about 16:30 16:00 07:00
ACH R C F nap Multiple2 nap 21:001

RTT R C F 06:302 Real time nap nap

T 202 transactions in the evening session. 5 This relates to the first overlay service (Osko), and not the New Payment Platform (NPP) or the Fast Settlement Service (FSS).
tion holding a Reserve Account or a Settlement Account at the Central Bank of Brazil. 4 Any bank authorised by the Central Bank of Brazil to carry out FX transactions and holding a Reserve Account at the Central Bank of Brazil. 5
Payments become final at the mome
documents. Real time is also possible, for bilateral operations. 8 Since 16 Apri 2018, Compe has only one clearing and settlement cycle.
 Comparative tables
t items. 3
Interac e-Transfer is owned by Acxsys Corporation. 4
Final settlement occurs at 18:30. However, due to the risk controls and legal framework in place, the LVTS provides real-time settlement finality on a payment by payment basis. 5
No standard hours. 6
A

unched on 28 January 2008, CORE progressively replaced the former retail payment infrastructure SIT, closed on 25 October 2008.
t payments are settled on the individual interbank settlement date of the relevant transaction. 2
For SEPA card clearing collections. Collection items submitted after 11:00 are settled on the next banking business day. 3 For SEPA credit transfers. Payments submitted after

Monetary Authority and the Hong Kong Association of Banks. 2

The money market in Hong Kong can operate at any time during the day, but for same day settlement in Hong Kong a transaction must be submitted for processing between (a) 08:30 and 18:30 for HKD C

/ direct member and the indirect participant. 7

The funds are available to payee realtime. However inter-bank settlement is on T+1 for transactions done after 18:00 hours. (8) Cheque clararing T : 15:00 is for return and T+1: 10:30 is for presentation. (9) transactions taki

which submitted after 14.15

OJ-NET Fund Transfer Service is from 9:00 to 17:00. During the Core Time, all users must be connected to BOJ-NET. During hours other than the Core Time, users can send payments after obtaining consent from the receiving party. 3
On the last business day of each
settlement. 6 Cut-off time for bills and cheques sorted by banks. Bills and cheques for sorting at TCH must be submitted by 21:00 of the day before the value date.

g time can be extended. In some selected regions, the closing time for orders of participants in the BRPS can be set earlier than 21:00 but later than 17:00 local time. 4
In the regional subsystem some orders are accepted on paper not later than 14:00. 5
In the MER s

h payments to be made by 17:30 on Monday to Friday.

d.

c limited company domiciled in Zurich. The company is owned by around 140 national and international financial institutions, who are also the main users of the services provided by SIX. 2 The SIC System allows for broad membership based on the participation criteria
n the previous business day and ends at 18:00 on the value day. Third-party payments may be entered for same-day settlement until 17:00. Between 17:00 (clearing stop 1) and 18:00 (clearing stop 2) only cover (bank-to-bank) payments are accepted for same-day settle

he very latest. 2 Faster Payment Service and LINK operate 24/7.

c Payments Network, is operated by TCH. 4 National Settlement Service. 5
RTP, Real-Time Payments, is operated by TCH. 6
Any depository institution, including a US branch or agency of a foreign bank, may maintain an account with a Federal Reserve Bank. 7
Pa

TARGET2 through two separate cycles.

 Comparative tables

Standard opening hours

closing
pening and closing time of the
ymemt system (in local time)
Speed
Only for FPS.
The maximum amount of time
needed for the final funds to be
available to the payee
(expressed in seconds).

20:00 nap
nap1 10 seconds
18.301; 20.302 nap
18:00 nap
nap nap
18:30 nap
17:30 nap
14:05 nap
16:10 nap
16:30 nap
nap nap
nap nap
nap nap
20:30 nap
nap nap
nav nap
nap nap
nap 20 seconds
18:00 nap
nap nap
nap nap
18:00 nap
nap nap
12:30 nap
18:302 nap
18:302 nap
18:302 nap
05:00 next day2 nap
20:00 nap
19:00 nap
nap nap
19:30 nap
17:00 nap
13:005 nap
00:00 5 seconds
00:00 5 seconds
19:00 nap

16:45 nap
Comparative
18:00
tables nap
17:05 nap
21:002 nap
21:004 nap
nap nap
nap nap
17:30 nap
nap nap
nap nap
17:59 5 seconds
17:14:59 nap
23:00 nap
 Comparative
18:00
tables nap
nap nap
21:00 nap
19:00 nap
19:00 nap
19:00 nap
19:00 nao
16:30 Real time
19:00 nap
nap nap
nap nap
nap nap
nap Almost instantly
23:59 nap
18:00 nap
23:30 nap
17:00 nap
nap nap
24/7/365 1-2 seconds
nap nap
18:15 nap
17:30 nap
nap nap
nap nap
nap nap
nap nap
18:00 nap
nap nap
10:30 nap
nap 7,200
nap nap
nap nap
nap nap
17:00 nap
18:30 nap
2:599 nap
2:599 nap
17:30 nap
nap nav
18:00 nap
18:00 nap
21::00 nap

nap nap

yments become final at the moment settlement is completed by

 Comparative tables
basis. 5
No standard hours. 6
ACSS does not legally support

sfers. Payments submitted after 15:00 are settled on the next

en (a) 08:30 and 18:30 for HKD CHATS, USD CHATS and EUR

presentation. (9) transactions taking place after 19:00 on any day

On the last business day of each month (except for December),

ater than 14:00. 5

In the MER system payments are carried out

based on the participation criteria that are published on the

are accepted for same-day settlement. From 18:00 to 18:15

h a Federal Reserve Bank. 7

Payments over CHIPS become