Instant payments gaining volumes from RTGS – BoE study
Move may be driven by demand for rapidly available funds and lower payment fees, say authors
Instant payments have gained payment volumes from real-time gross settlement (RTGS) in the UK, a new study from the Bank of England has found.
In 2022, the UK’s instant payment scheme, Faster Payments (FPS), increased its transaction value limit from £250,000 to £1 million. The study, published on April 24, looks at the impact of this increase on the number of payments settled through Chaps, the high-value payment RTGS scheme operated by the BoE.
Chaps settles payments on a real-time gross basis
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