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Faster Payments Objectives - 2012 - Federal Reserve Bank of ...

Faster Payments Objectives - 2012 - Federal Reserve Bank of ...

Types

Types of Faster Payments Single Immediate Payment •Spontaneous payment originated electronically, e.g. Internet or Telephone banking •All day, every day (24x7, not restricted to Monday to Friday) •Attended payment - response to customer either payment made successfully or rejected with reason •Typically 95% responses in 10 seconds (100% with 15 seconds) •Funds placed on customer account within 2 hours Standing Order •Fixed amount, pre-mandated beneficiary, repeated regularly •Speeded up to avoid float and payers having to pre-fund their account 2 days ahead of the beneficiary receiving funds through ACH •Same-day payment •Confined to working days, i.e. Monday through Friday only •Members still want to receive their SOs before 6am Forward Dated Payment •Post-dated, diarised payment, variable amount with no pre-mandated beneficiary •Customer input via Internet or Telephone banking •Available every day (24x7, not restricted to Monday to Friday) •Effectively same-day payment as customer is not present at the time payment is made 13

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