How can banks make real-time payments work to their advantage?

Efma feature

18 September 2018

New Efma digest takes a deep dive into the evolution of the market and opportunities to be had.

In a new digest publication titled ‘A new payments era is here, and it’s real time: How banks are making the switch from batch to instant work’, Efma highlights how real-time payments are making their mark on the entire payment value chain.

Over five parts, it takes an in-depth look at how the global payments landscape is evolving, what opportunities there are to be had from real-time payments, how leaders are driving adoption and what challenges need to be overcome along the way.

“Payments are now taking place instantaneously, 24 hours a day, seven days a week,” explains Vincent Bastid, Efma CEO. “The trend is particularly evident this year, as three new major real-time payments schemes worldwide went live, enabling real-time payment transfers across 34 European countries, the US and Australia, with the potential to reach nearly another one billion people.”

Contributors to the digest believe that instant payments will come to revolutionize all facets of the payment chain and serve as the catalyst for a new wave of innovative banking services. However, as Mehdi Manaa, deputy director general of market infrastructure and payments at European Central Bank, warns, instant payments will not become the new normal unless all market participants and technologists collaborate and pursue the same objective.

So how should banks proceed? This is the burning question that this digest aims to address. Drawing from the latest research, alongside case studies and expert analysis, it not only charts the development of global adoption, but also looks at how banks can make real-time payments work to their advantage. Summarizing the key questions that banks need to consider as they prepare themselves for a real-time future, and offering a range of implementation strategies, this is a must-read resource for executives operating across the retail financial services industry.

Download the digest

Keywords : Digital payments/Wallet

Geography : International