In today's digital economy, speed is increasingly the expectation. From online purchases to transferring money between friends, individuals and businesses have become accustomed to payments happening almost instantly.
As these experiences become more common, expectations are naturally extending to international payments. The rapid adoption of real-time payment infrastructure is reinforcing this shift. According to the World Bank, as of June 2026, people and businesses in 137 countries have access to instant payment services. Meanwhile, global real-time payment transactions are projected to grow from 266.2 billion in 2023 to 575.1 billion by 2028.
But while real-time payments have become increasingly common within domestic markets, does the same level of speed automatically apply when money crosses borders? Not necessarily. In practice, cross-border payments can involve additional processes that make the journey more complex than a domestic transaction.
What are real-time payments?
Real-time payments (RTP), also known as instant or fast payments, enable funds to be processed and made available to recipients almost immediately, typically within seconds and on a 24/7 basis.
Many countries have established their own domestic fast payment infrastructure. Examples include the UK's Faster Payments Service (FPS), India's UPI, Brazil's Pix, Malaysia's DuitNow and Singapore's PayNow.
These systems have transformed how money moves within domestic markets, enabling payments beyond traditional banking hours and reducing reliance on conventional clearing cycles.
However, domestic fast payment systems generally operate within a particular market, connecting participating financial institutions through a common payment infrastructure and within the same currency and regulatory environment.
So, if real-time payments can move funds within seconds domestically, does the same apply when payments cross borders? The short answer is no.
Why are cross-border payments different?
A domestic real-time payment typically moves between financial institutions connected to the same national payment infrastructure. A cross-border payment, in contrast, may involve different financial institutions, currencies, regulatory environments and payment systems before reaching its destination.
An international payment may therefore pass through several stages. Compliance requirements, foreign exchange conversion, settlement arrangements and differences in payment infrastructure can all influence how a transaction is processed.
Financial institutions, for example, must meet anti-money laundering (AML), sanctions screening and other regulatory requirements. Where different currencies are involved, foreign exchange conversion may also be required.
These processes play an important role in maintaining a secure and compliant financial ecosystem, but they also make cross-border transactions inherently more complex than many domestic payments. The challenge is significant enough that the G20 established a dedicated roadmap to make cross-border payments faster, cheaper, more transparent and more inclusive.
Why doesn't "real-time" always mean real-time across borders?
This is where the distinction becomes important. Having a domestic real-time payment system does not automatically guarantee a real-time cross-border payment experience.
For a cross-border payment to be truly real-time from end to end, multiple stages of the transaction need to work together with minimal delay. Having fast domestic payment systems at both ends is only part of the equation.
Payment systems need to communicate effectively across markets. Financial institutions need access to liquidity. Regulatory and compliance requirements must still be met, while accurate payment data needs to move efficiently between different systems.
In other words, a payment may be delivered instantly through a domestic payment network at the receiving end, while other parts of the international transaction may still require additional processing. A real-time payout does not necessarily mean the entire cross-border payment journey happened in real time.
Closing the gap
The good news is that the payments industry continues to evolve. Regulators, financial institutions and payment providers are working to improve interoperability and connectivity between payment systems, with the broader goal of making international payments faster and more seamless.
In some regions, domestic real-time payment systems are already being linked across borders, demonstrating how greater interoperability can help accelerate international transactions while maintaining security and compliance.
Efforts to interlink fast payment systems, expand access to payment infrastructure and harmonise messaging standards such as ISO 20022 could help different systems exchange payment information more efficiently. These initiatives aim to reduce friction, improve transparency, and create faster cross-border payment experiences for businesses and consumers.
Conclusion
Real-time payments and real-time cross-border payments are closely related, but they are not necessarily the same. While domestic RTP networks have transformed the way money moves within countries, international payments often involve additional processes that can influence transaction speed.
As payment infrastructures become increasingly interconnected, the gap between domestic and cross-border payment experiences may continue to narrow. Ultimately, the future of payments is not just about speeding up individual stages of a transaction. It's about creating a more connected ecosystem where cross-border payments can be as seamless, transparent and efficient as domestic payments.
