Post on 06-Apr-2017
Faster paymentsfor a real-time world
Today’s customer is connected – real-time, anytime, anywhere, any-device expectations.
We’re all consumers living in the now.
Did you know...Did you know your Amazon order could arrive before your ACH payment settles? What if you could track your payment just like your order?
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siloed systems growing transactional/data volumes
regulatory compliance
fierce competition
new payment rails/methods
Customer value isn’t the whole story...Yesterday’s payment systems are no longer effective.
A fast-changing world demands fast-changing action.
In fact, 85% of financial institutions
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Source: Vanson Bourne Study, 2015
have implemented or are planning projects to streamline payment processing.
meet real-time payment expectations
25%improve regulatory
compliance
33%
manage internal costs38%
increase transparency for customer payment status
63%
Why are banks moving to faster payments?
Source: Vanson Bourne Study, 2015
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Fast and Secure Transfers (FAST)/G3, 2014
SINGAPORE
New Payments Platform (NPP), effective 2017
AUSTRALIA
Same-Day ACH, effective 2016
The Clearing House and Federal Reserve immediate payments initiative announced, 2015
UNITED STATES
Faster Payments Service (FPS), 2008UNITED KINGDOM
Immediate payments is the norm.
Are we moving fast enough?“A faster payments infrastructure is not an end in itself, it is an opportunity for banks to deliver innovative products and services in both consumer and corporate payments. To monetize this opportunity, financial institutions should focus relentlessly on design, customer experience, accessibility and convenience.”
McKinsey, Faster payments: Building a business, not just an infrastructure, 2015