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What do we mean by instant payments?

Petri Syvanne, VP, head of global payment services & infrastructure, Nordea talks about how the definition of instant payments should be tied to the user experience.

This interview took place at Finextra’s Future Money Nordics 2015 event in Helsinki. For more information, check out www.futuremoneynordics.com/

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Nordea

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Regulation & Compliance Retail banking Payments Wholesale banking

Keywords

Innovation Mobile & online banking Transaction banking

Comments: (2)

Subhabrata Sanyal
Subhabrata Sanyal - Capgemini - Pune 18 August, 2015, 11:43Be the first to give this comment the thumbs up 0 likes

As mentioned in this conversation, one of the main channels for Instant Payment will be Mobile. In fact Mobile is one of the key drivers of Instant payment or real time payments, across the globe.

As per ‘Blueprint for an Instant Payment Infrastructure Solution’ the suggestion of having a centralized directory services which stores customer account proxies like Mobile number, is mentioned as Value added service. I think having a pan-European centralized directory service is necessary for Instant Payment’s success in Europe.

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A Finextra member
A Finextra member 18 August, 2015, 13:16Be the first to give this comment the thumbs up 0 likes

b**t! Mobile is just a platform or a device. For me instant goes beyond what platform ones uses and even beyond a local market. Instant payment should go like the internet: real settled on a globalmarket and in all currencies. And you know? THAT technology is ready and working: global cross-currency FX integrated, free or reaaaal cheap, and instant COMPLETELY settled within 2 to 5 seconds. Developed to become a global standard for value exchange.... Just follow the news on ripplelabs.com and earthport.com ..... 

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