Defining immediate payments
With the shift to real-time payments, it is imperative that all parties understand who is impacted, and how it works. Real-time commerce and immediate payments have huge significance for banks and payment providers. Read Executive Guide
Changing payment expectations
Technology has changed expectations in payments. Forty-five percent of UK current account holders say the offer of faster electronic payments would encourage them to switch their bank account provider (2015 YouGov survey).
Market landscape today
A growing number of countries and regions are actively planning to enable real-time payments in the coming years. The UK has opened the market to include more providers with Aggregator Services.
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Immediate Payments realized
- Regulation and economic growth have been the main drivers for the adoption of immediate payment infrastructures.
- Payment providers are increasingly recognizing the opportunity to offer overlay services on this infrastructure.
- Fintechs are offering creative new services alongside established players.
- Financial institutions and payment service providers in countries still designing immediate payments can start to get ready now.
- Prior experience shows that organizations s that grasp the opportunity fully can take back control of the customer relationship and become the trusted source of a range of banking and payment services.
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