Substantial disruption of the payments ecosystem in developing regions is imminent. For true democratisation of payments, central banks and regulators must push for reform.
Enabling customer-centric business models that identify real-time payments infrastructure as a potential alternative to legacy systems can support the management of mass volumes of cash spend, empower consumers with access to financial services and bolster economic growth.
Amid economic crises, hyperinflation, and high fraud rates, developing regions can build efficient cash settlement services and outperform payments infrastructure of more developed nations, offering lower cost transactions and faster settlement. These regions must also be active in the creation of a more open banking environment.
However, legacy infrastructure has limitations and cost implications. This must be considered as digital banks offer free services to accountholders and bank transfers are not yet priced with the intention of inducing greater consumer adoption. Developing a 24/7 instant wire payment infrastructure will help to define the practical use cases for real-time payments.
The creation of new payments infrastructure and achieving interoperability is not simple. Although as payments innovation accelerates, financial institutions must promote real-time payments to remain competitive in their markets.
Sign up for this Finextra webinar, held in association with ACI Worldwide and Mastercard, to watch the panel of industry experts as they discuss the following areas:
- Real-time payments in developing regions, namely Latin America and Asia
- The role of central banks and regulators in the transformation of legacy systems
- Building efficient products and services to bolster economic growth
- Competition from digital players and achieving interoperability
- Gary Wright - Head of Research, Finextra [Moderator]
- George Evers - SVP, Customer Solutions Group, New Payment Platforms, Mastercard
- David McHenry - Managing Director, Head of Global Treasury and Payments Advisory EMEA, Silicon Valley Bank
- Craig Ramsey - Head of Real-Time Payments, ACI Worldwide