The Payments Association

JUNE 16, 2025

The difficulties lie in the assumption that, however secure they may be, one cannot rule out a breach of secure elements in the future. Synchronous vs asynchronous payments Two distinct payment flows were tested: Synchronous: where activity is required from both payer and payee in real-time.

Settlement

PYMNTS

OCTOBER 30, 2019

There’s financial risk, and making sure the payee who ends up in possession of the funds is the intended recipient. So fast that, once the funds are pushed, they are instantly usable to the payee who received them. The payment is irrevocable, and can’t be clawed back. There is no shortage of risks to consider, she noted.

Instant Payments

FICO

NOVEMBER 19, 2019

Until recently the liability for losses from these scams was generally set by the victim’s bank; with no uniform rules, the bank could decide to reimburse the customer or not. Banks have given customers the ability to make real-time, irrevocable payments but have not given them protection if something goes wrong.

Irrevocable Payment

FICO

NOVEMBER 7, 2022

Scammers have identified that the immediate and irrevocable nature of payments through the P2P apps means that if a consumer can be tricked in payment, they can’t claw it back. That idea of authorization is where deep divisions start to appear. For most P2P payments apps, it is in fact an authorized user initiating and sending a payment.

Scams

Seon

JULY 27, 2023

Doing so is ideal as the payer can then not only know that the outgoing payment was transmitted but received by the payee. In fact, the transactions themselves are irrevocable. There will no longer be the safety net of a long timeframe to spot, report, and counteract fraud risks because FedNow uses instant and irrevocable transactions.

FedNow