More than 100 countries now operate instant payment systems

More than 100 countries now operate instant payment systems, and efforts to connect them are expanding the use of local currencies for cross-border payments. Countries have pursued these systems to reduce transaction costs, limit foreign-exchange volatility, and decrease reliance on a small number of major currencies.

Technological advances, including artificial intelligence applications, have supported the rollout of these platforms.

National systems and cross-border links Instant Payment Systems provide real-time or near-real-time settlement and follow the ISO 20022 messaging standard. More than 100 countries have launched retail fast-payment systems, with four of the top five markets by volume located in Asia.

The euro area requires all banks to support SEPA Instant Credit Transfers, which settle in under ten seconds. Several countries, including the United Kingdom, Singapore, and South Africa, use deferred net settlement to reduce liquidity needs for banks.

Regional platforms and currency use The Bank for International Settlements is developing Nexus to connect national systems in India, Malaysia, Singapore, Thailand, the Philippines, and Indonesia. China’s Cross-border Interbank Payment System now processes daily volumes exceeding 1.22 trillion renminbi.

ASEAN has advanced cross-border QR code interoperability and the Regional Payment Connectivity initiative. India has linked its Unified Payment Interface to partner countries, while Brazil’s Pix system supports real-time payments with Argentina and Uruguay.

The Pan African Payment and Settlement System operates in 15 countries and launched the African Currency Marketplace in 2025. BRICS countries reaffirmed support for BRICS Pay at their May 2026 meeting, and Project mBridge has reached the minimum viable product stage.

These platforms enable direct settlement in local currencies rather than using a third-country currency as an intermediary.