In the FAST system, an end-to-end money transfer between participants is targeted to be completed in 2–3 seconds on average.
So is there an upper limit for the transaction time?
Yes, there is. Transactions that are not completed within 25 seconds are automatically cancelled.
Why are time targets important?
The value of instant payment systems comes from their speed. Users expect to see a result within a few seconds. When a timeout occurs, both the sender and the recipient may face uncertainty.
Cancelling a transaction that cannot be completed within a certain time prevents money from being left in limbo. In case of cancellation, the amount is quickly returned to the sender's account.
Banks monitor this time and track the components that cause slowdowns, such as network latency or system load.
