There are clear and compelling reasons for banks to offer real-time payment services. Customers increasingly want and expect instant access to monetary value. Governments are also pressuring banks to collectively create a ubiquitous, nation-wide real-time payments system used by all financial institutions. While approximately 35 countries around the globe have already implemented real-time payment capabilities, it is estimated that as many as 140 could soon move to real-time payment systems.
The ease, speed, convenience, security and always-on processing afforded by digital technology will soon make real-time payments—the immediate transfer and availability of funds 24/7—a common occurrence. For banks looking to meet customer expectations of instant service while being compliant, optimizing costs and avoiding revenue opportunity losses—the question becomes “How?”
Four key success factors can help banks enable real-time payments despite technology and operational challenges: