What is the UK equivalent term for 'instant payments'?

In the UK, the term "Faster Payments" specifically refers to a payment service that enables the transfer of funds between bank accounts almost instantly, typically within seconds, 24/7. This system was established to meet the growing demand for immediate money transfers and enhance the speed of transactions in the banking system. The Faster Payments scheme is a well-recognized part of the UK banking landscape and plays a critical role in modern payment processing.

While "Quick payments", "Smart payments", and "Accelerated payments" might imply a faster processing time, they do not correspond to any official payment systems in the UK. Only "Faster Payments" refers to the specific infrastructure in place for making immediate electronic payments, making it the correct term in this context.