Consumers increasingly expect instant access to monetary value, while governments are pressuring banks to create ubiquitous real-time payment systems. An estimated 35 countries have implemented real-time payments capabilities, and up to 140 more could move there soon.
Banks wanting to meet these customer and governmental expectations must overcome operational and technical challenges. It requires redesign of internal processes and an alteration of current batch payment operations. Underlying payments technologies and central infrastructures also need modernizing.
While each bank’s path to build real-time payments will be unique, banks can take advantage of key success factors and common steps in the journey.