The ability to make payments in real-time comes with a number of capabilities and benefits. The most appealing of these to organizations is immediate access to receiving funds, transaction status, and control of cash flow. These assets created by RTP all serve to increase visibility into the financial wellbeing of the company and decrease confusion around the payment lifecycle. They are also the most obvious upsides to RTP; the other capabilities and benefits that ranked lower among respondents require more education and familiarity with RTP to be fully recognized. #payments #banking #instantpayments #realtimepayments
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Tokenized payments offer a glimpse into a future where B2B transactions are faster, cheaper, and more secure. This can have a ripple effect across industries, from smoother trade finance to efficient management of interbank liquidity. Here is an illustration of conventional vs tokenised wholesale payment and settlement. Source: WEF Insight report #payments #banking #tokenisation #innovation
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The Reserve Bank of Australia (RBA) today released a report analysing the benefits, design choices and challenges associated with linking fast payment systems across countries. The report finds that connecting fast payment systems has the potential to considerably improve the speed and transparency of cross-border payments, benefiting both end users and service providers. Crucial to realising these benefits are well-designed governance, scheme rules and payments processing capabilities, which help to manage risk and ensure a seamless cross-border payments experience. However, establishing an interlinking arrangement poses challenges, including dealing with differences in legal and regulatory frameworks across participating jurisdictions and agreeing on governance arrangements and scheme rules. https://lnkd.in/gwEe5BJm #payments #instantpayments #banking #iso20022
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VRP allows customers to authorise registered payment service providers (PSP) to initiate payments from their bank account on an ongoing basis. It has the potential to allow customers with how they pay and how merchants receive their payments. UK Finance #payments #banking #instantpayments
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Proposals for the design of the future entity for UK Open Banking The Joint Regulatory Oversight Committee (JROC) has published its recommendations for the open banking future entity and welcomes input on certain questions. The example below illustrates how open banking and payments related charges could interact, in a future model. Link to the proposal: https://lnkd.in/gaUapKj4 #payments #openbanking #banking #financialservices #innovation #data
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Cash Flow is King! SMEs often face tight margins and rely on efficient financial management for success. Traditional payment methods, like checks and credit cards, can introduce delays and hidden fees, impacting cash flow and hindering growth. Instant payments are revolutionizing the way businesses receive and disburse funds. In fact, it's not limited to SMEs. Instant Payments enable exciting new models across industries: Gig payments empower freelancers with faster access to earned income. Seamless splitting of bills makes settling expenses effortless. Automated recurring bill payments streamline financial management. Instant tipping shows appreciation to service providers quickly and easily. Direct donations support causes you care about with immediate impact. Frictionless in-game transactions enhance the user experience. Open banking plays a crucial role alongside instant payments. Secure access to customer financial data with their permission fosters innovation by enabling third-party providers to develop new financial products and services that leverage the speed and efficiency of instant payments. Underpinning these advancements is ISO 20022, a global standard that defines a common language for structured data exchange. This structured data ensures smooth communication between financial institutions (FIs) and fintechs, allowing them to develop new value-added services for small, medium and large corporates. Ultimately, this translates to faster transactions, improved cash flow, and a better customer experience, all contributing to a more efficient and successful economy. #fintech #instantpayments #payments #innovation #banking #openbanking #iso20022
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Must watch! https://lnkd.in/gJN4EHnU Mahmoud AbuEbeid #banking #innovation
When JPMorgan CEO Jamie Dimon Speaks, the World Listens | The Circuit
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QR codes play a significant role in driving the adoption of instant payments by offering a quick, convenient, and contactless way to initiate transactions. Here's how: Simplified Payment Initiation: QR codes eliminate the need for manually entering payment details like account numbers. Customers simply scan the code with their phone's camera app, which is already linked to their bank account or digital wallet. Faster Transactions: By pre-populating payment information, QR codes streamline the checkout process, leading to faster transactions for both customers and merchants. Lower Cost for Businesses: For businesses, QR codes can be a cheaper alternative to traditional point-of-sale (POS) terminals, especially for smaller merchants. Increased Accessibility: QR code payments work with any smartphone camera, making them accessible to a wider range of users compared to methods requiring NFC technology. How QR Codes Address ‘the Last Mile’ Adoptionof Faster Payments at the Point-of-Sale. - U.S. Faster Payments Council report #payments #instantpayments #banking #iso20022
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Integrating India’s UPI to Payment Systems in Africa. https://lnkd.in/gNnXBSzt #instantpayments #payments #banking
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Uptake, Use, and Inclusion Gains from Fast / Instant Payment Systems: Early Comparative Data - CSIS Report Hundreds of millions of individuals and SMEs have started using digital payments over the past decade thanks to the mass uptake of bank accounts, debit and credit cards, and various payment systems created by telecom companies, fintechs, and, often more recently, FPSs / Instant Payment systems. This paper has explored the adoption and gains from FPS / Instant Payment systems, reaching three main conclusions: 1. Countries around the world have promoted digital payments use through various pathways, such as through bank- and card-driven solutions for banked populations, telecom-driven solutions for the unbanked, and fintechs that have services for diverse segments. Mass adoption of a payment system, when it has occurred, has resulted from a strong product-market fit. 2. Introducing an FPS into a market does not necessarily catalyze digital payments use or promote financial or trade inclusion; rather, the ecosystem needs to be ripe for using an FPS. 3. With multiple types of payment systems and methods available today, users often choose a method fit for purpose. FPSs have various comparative advantages: they are especially conducive to smaller local transactions and stand out by their ease of use and transaction efficiency. There is no “silver bullet” payment solution that would solve for digital payments and financial and trade inclusion. Instead, there is a mix of various solutions that firms and consumers should have access to and use as they see fit. Four recommendations for policymakers seeking to promote digital payments and inclusive development: 1. The North Star for governments seeking to promote digital payments should be user choice. 2. Governments need to consider the risks of operating FPSs—and they do not have to own and operate them. 3. Card-based payments are key to enabling SME participation in trade. 4. Governments and researchers seeking to understand the inclusion gains from FPSs should focus first and foremost on the number and share of users and the intensity of usage in different income segments, instead of only measuring total transactions or transactions per capita. Link to the report is available in the comments section. #payments #instantpayments #banking #fasterpayments #digitalpayments #financialservices
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UPI is not just a payment system anymore; it's a driving force for financial inclusion and economic growth in India. Quick stats : ✅ UPI transactions hit a record high of ₹18.41 trillion in January 2024, reflecting a booming digital payment ecosystem [Business Standard]. Year-on-year growth continues to impress, exceeding 40% for transaction value so far in FY24 [India Briefing]. ✅ January 2024 also witnessed a staggering 12.20 billion transactions processed via UPI [Business Standard]. Similar to the value, transaction volume growth surpasses 50% year-on-year in FY23 and FY24 [India Briefing]. With over 83.76 billion transactions processed in FY23 alone [India Briefing], UPI's impact is undeniable. ✅ According to statista, an estimated 260 million users currently leverage UPI for their daily transactions. Currently, Google Pay and PhonePe together account for nearly 86% of UPI transactions by volume (that’s up from 82.5% at the end of December). This dominance has of course raised concerns, can NPCI break the dominance with incentives Or does it call for anti trust law? https://lnkd.in/gR9mUMag #payments #instantpayments #india #banking
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