Significant change is under way in the world of payments, with new, client-centric capabilities transforming how we transact. Carl Slabicki discusses how the real-time landscape is evolving, and how banks and the wider industry can make real-time payments a reality on both the local and global stage.
Real-time payments are increasingly becoming a global norm for domestic transactions. Over 35 countries have now adopted – or are transitioning to – some form of faster payment scheme . Regulation, outdated payment systems, the influx of fintechs entering the market, and growing client demand are driving this change, with the emergence of seamless peer-to-peer payments increasingly influencing what is expected of the corporate payment experience.
As a result, banks are committed to not only providing enhanced transaction capabilities, but also collaborating to ensure the most effective services can be provided to clients – both in the short term, but also in the future, as they look to apply real-time functionality to cross-border payments.
Realising real time in the US
The launch of US Real-Time Payments (RTP) in November 2017, which saw BNY Mellon processing the first ever transaction, has been a watershed moment .