The conversation around real time payments is without question dominated by speed and rails, and while this may make a logical introduction to appreciating the concept, it should be recognised as just that – an introduction, a taster, a snippet of what is to come as the industry evolves over the next five, 10 or 15 years.
The real value within real time payments is a buried treasure that exists in the form of data, which is increasingly embedded in the evolving processes. This can lead to greater security, scalability, efficiency, and a common global language such as ISO 20022 – this in addition to 24/7/365 accessibility.
With such robust capabilities, we can expect to see a new era of innovations emerge. As the nature of the working business week evolves and banks start to no longer value-date payments only on business days, business banking is also an area with untapped potential for real-time payments.
Enhanced by straight-through-processing capabilities, the onset of real-time payments is spurring improved customer experience and new efficiencies for business. While the loss of revenue associated with paper-based payments processes is a cause for concern for banks, a greater concern should be not having a better electronic alternative in place and not leveraging the unrealised opportunity that smart digital solutions present.
The potential to innovate and create value beyond the speed of transactions can be seen in the ability to overlay services and applications on the RTP rails. Financial crime is one example.
Join in this webinar from Finextra, in association with Bottomline Technologies to listen to the discussion on the following areas with industry experts:
- How will ISO 20022 enrich the data we get from a real-time payments transaction?
- What are the use cases emerging?
- How does Real-Time and Real-Time Data fit with Payments Modernisation as a whole? Which regions are achieving this best?
- How important is leveraging the real-time data in building out new digital overlay services
- What role does co-existence play in leveraging data across payments modernisation?
- How does shifting to a platform model that offers a single payments ecosystem help with easy integration, speed of adoption and operational efficiency?
- Gary Wright - Head of Research, Finextra [Moderator]
- Ed Adshead-Grant - Director of Strategic Business Development, Bottomline Technologies
- Deborah Hoskins - Programme Director and Product Scheme Owner, Wholesale Payments, NatWest Bank
- Ryan Grundy - Lead, Industry Relations, Payments Canada
> Watch the webinar now