Simon Newstead, MD, head of market engagement at RBS, discusses how immediate payments are still an emerging trend, what needs to be factored in when developing an immediate payments technology and the types of innovation that can be built on top of immediate
I agree that ISO20022 would be preferable if it can be used in a fast throughput scenario, purely because of the additional data that can be carried with the payment. As payments get faster the risk of fraud rises and more data would allow central regulators,
banks, merchants and the individual a greater chance to curb fraud.
Singapore's FAST payments service uses ISO20022 for real-time request-response processing. It provides much more flexibility, and is a lot simpler to integrate with modern software stacks, than the cards-based ISO8583 used in the UK.
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