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Real-time payments - seize the momentum at EBAday 2020

Real-time payments - seize the momentum at EBAday 2020

Mastercard and ACI Worldwide announced they were partnering to provide a range of global real-time payments solution, aiming to offer “best in class central infrastructure” to banks and other financial solutions.

A joint release by the two companies cited a recent report from ACI projecting a compound annual growth rate (CAGR) of 23.4% in real-time account-to-account payment to grow by 2024, thanks to existing schemes adding new participants and new schemes launching every year.

Real-time payments enable consumers and businesses to send and receive funds instantly, with certainty of payment and integration of data flows, offering greater speed and convenience for all parties involved. The growth of real-time payments has enjoyed significant momentum in recent years with the introduction of new schemes and payment systems in Europe, the US and many other of the world’s major economies, and will increase in a post-Covid era as payments by cash and cheques continue to reduce.

Customers expect money to move from one place to another in an instant. The enriched data that comes with the payment message will provide for expanded possibilities for automation and for feeding AI algorithms. However, this trend will also fuel concerns related to risk and security, as real-time payments require real-time mitigation against fraud and other financial crimes.

Join our digital platform for EBAday 2020 on 24-26 November to discuss, debate and hear about the latest products and services that will shape the industry in the years ahead.

Comments: (1)

A Finextra member
A Finextra member 02 October, 2020, 12:17Be the first to give this comment the thumbs up 0 likes

If Mastercard are involved, expect merchant fees to be much higher than they need to be!