Okuzeka
Finance & Banking vocabulary · Fintech & Digital Banking

Instant payment

Meaning in finance & banking, with examples

nounCommon term

In finance & banking, instant payment means: An electronic transfer that reaches the recipient's account within seconds, at any time of day, on every day of the year.

In Turkish: anlık ödeme, anında transfer, FAST

How it is used

Used in payments and digital banking. Many countries run instant payment systems: FAST in Türkiye, Faster Payments in the UK, SEPA Instant in the euro area and FedNow in the US. Banks talk about 24/7 availability and transaction limits.

Example sentences

  1. Instant payments let us pay suppliers even on a Sunday night.

  2. Instant payment fraud is harder to stop because the money moves in seconds.

Common collocations

  • instant payment system
  • send an instant payment
  • 24/7 instant payments
  • instant payment limit
  • wire transferAn electronic transfer of money from one bank account to another, often between different banks or countries.
  • IBANShort for International Bank Account Number: a standard code of up to 34 letters and digits that identifies a bank account for domestic and cross-border transfers.
  • mobile bankingUsing a bank's app on a smartphone or tablet to check balances, make payments, transfer money and use other services.
  • open bankingA system in which banks, with the customer's permission, share account data or let licensed third parties start payments through secure APIs.

More terms: Fintech & Digital Banking

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This page explains English vocabulary for learners. It is not financial advice.