Lesson 3 · Practitioner · Global · 15 min
Global Rails: ACH, Fedwire, SEPA, SWIFT, RTP, PIX
Compare major account-based systems outside India — US ACH and Fedwire, SEPA, UK Faster Payments, SWIFT for cross-border messaging, RTP/FedNow-style instant, and Brazil PIX as a UPI analogue.
Objectives
- ▸Contrast batch ACH with RTGS Fedwire-style systems
- ▸Explain SEPA SCT/SDD at a product level
- ▸Clarify that SWIFT is messaging, not a pool of money
- ▸Position RTP/PIX relative to UPI-like instant A2A
Automated Clearing House moves payroll, bill pay, and B2B batches between banks via operators (e.g., FedACH, EPN). Credits and debits follow NACHA rules with return windows that matter for risk (NSF, unauthorized, account issues). Same Day ACH improved speed but did not erase return risk. Product implication: do not treat ACH debit as card-auth finality.
Key terms
ACHNACHAFedwireSEPASCT InstIBANSWIFTNostroRTPFedNowPIXISO 20022