NEW Payments ECOSYSTEM
Faster Payments in the New Payments Ecosystem
Build a Real-Time Bank for Faster Payments
Fast is no longer enough when it comes to payments. Immediate is the new expectation, and that expands beyond just transactions. The advent of real-time payments puts pressure on banks to develop an agile approach to innovation, and ready their core systems for instant payments.
Processors and PSPs are also under pressure to deliver increased speed and functionality, and at a lower cost. Payments players must effectively navigate this new instant and open landscape to benefit from the leveled competitive playing field.
Get More From Real-Time Payments
Discover the specific services where all participants in the four-party model for payments can create new revenues, increase margins and cut costs, and shorten the time to ROI. These new use case span retail and wholesale payments, driving customer retention, attraction and growth across consumer, merchants, and corporates.
Payment Speed and Customer Loyalty
What Are Fast Payments?
Instant payments are electronic retail payments that deliver immediate or close-to-immediate interbank clearing of the transaction and simultaneous debiting of the payer’s account and crediting of the payee’s account (within seconds of payment initiation) in a synchronous transaction, irrespective of the underlying payments instrument used (credit transfer, direct debit) and of the underlying clearing and settlement arrangements that make this possible.
How To Win In The Faster, Open Payments Era
Customer expectations, from both consumers and corporate, are driving the payments world to more real-time delivery.
To meet the trend towards fast and open payments, players must consider real-time and open APIs holistically to create new revenue streams in your region.
- The New Payment Ecosystem On-Demand Webinar: experts from ACI Worldwide and First Annapolis Consulting discuss how the accelerated speed of payments and the rise of open operating models provide new potential for players to expand their business and enhance their offerings.
- SWIFT AI Use Case: Improve the experience for Real-Time Gross Settlement transactions with AI to reduce manual interventions that slow down payments.
- Loyalty that Pays Use Case: Consumers want to benefit from real-time payments to merchants, via real-time balances and ‘funds availability’ on loyalty schemes. See how to drive consumer spending with faster rewards.
Speed Can Make or Break Your Customer’s Loyalty
Of business in the UK are SMEs. 95% of SME’s said faster payments would help them succeed
Of Millennials would switch their account provider for the offer of faster payments
Of consumers want instant payment of utility and other monthly bills