What is a common Service Level Agreement (SLA) for Faster Payments networks?

A common Service Level Agreement (SLA) for Faster Payments networks typically includes specifications regarding maximum response times. This aspect is critical because a key feature of Faster Payments is the expectation of speed - transactions are intended to be processed almost instantaneously or within a few minutes.

The inclusion of maximum response times ensures that participants in the network have a clear understanding of how quickly they can expect transactions to be completed. This is essential for providing a reliable service and building trust among users who depend on these rapid transaction capabilities for time-sensitive payments. Financial institutions can use these SLAs to enhance customer experience, reduce uncertainty, and improve operational efficiencies.

While transaction fees, daily limits, and the number of allowed transactions are important operational considerations, they are not typically outlined as a core aspect of SLAs in the context of processing times. Rather, SLAs are predominantly focused on performance metrics like response and settlement times to meet the expectations for speed that define Faster Payments.