Instant is here to stay. In 2024, we have actually entered an era where financial institutions are moving from batch-oriented payment processing to real-time payment processing. And for good reason.
But as real-time payments become more common in retail, research from Sperical shows that business payments will be forty times larger than consumer payments by 2033. This means that there is a lot of untapped potential for banks to offer new services and create new revenue streams in the corporate banking market thanks to real-time payments. Payee confirmation, payment requests and installment plans are just a few of the possibilities with real-time payments.
The introduction of ISO 20022 and the increasing adoption of real-time payments mean that banks are collecting and sharing greater amounts of transaction data than ever before. But when you move money, you can’t just move the money – you need to have everything in place to ensure the security and trust of those payments. Conversely, this requires a switch to more powerful, modern technology platforms. So how can banks embrace the real-time revolution?
Register for this Finextra webinar, hosted in collaboration with Tietoevry, to join our panel of industry experts discussing the real-time revolution and how traditional banks can capitalize on the opportunities it brings.
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