# Real-Time Payments

*Banking & Payments — Finicade finance glossary*

Real-time payment systems settle irrevocably in seconds, around the clock, between bank accounts. The UK launched Faster Payments in 2008, India's UPI processes billions of transactions monthly, and the US FedNow arrived in 2023. Speed and finality change the fraud picture completely: there is no window to recall a payment, so authorised push payment scams have grown wherever these rails have.

**Also known as:** RTP, FedNow, instant payments, Faster Payments

**Related terms:** [ACH](https://finicade.com/glossary/ach), [Peer-to-Peer Payments](https://finicade.com/glossary/peer-to-peer-payments), [Settlement (T+1)](https://finicade.com/glossary/settlement), [Payment Rails](https://finicade.com/glossary/payment-rails), [Wire Transfer](https://finicade.com/glossary/wire-transfer)

Source: https://finicade.com/glossary/real-time-payments