It listed a further 10 systems under development, at that time including Australia. FIS also provided a useful taxonomy to compare and contrast the various systems – its Faster Payment Innovation Index (FPII). The index rates faster payment systems on the basis of the features they provide.
At a basic level, in order to be classified as a fast payment service the system must provide interbank, account-to-account payments in less than one minute endto-end and be irrevocable. But, the more value-added services and openness to innovation, the higher the rating. The Australian NPP was not rated in this report since it was not live at the time.