The global real-time payment trends transforming money movement
From FIS Global
Excerpt from the forward
The year 2020 has made us all keenly aware of the impact the global pandemic has had on nearly every aspect of life, professionally and personally. Among many other things, it has highlighted the critically important role that moving money instantly and digitally plays for individuals, businesses and corporations. Faster payments aren’t only about money; they are also about instant connectivity. They are not just about speed; they are equally about precision, transparency and certainty. Eventually we will move back to a time when the pandemic is in our collective rear-view mirror, but the value real-time payments offer and their adoption will prove to be lasting.
This year marks FIS’™ seventh edition of our annual Flavors of Fast report, which was originally inspired to capture the early influences we saw faster payment schemes making around the world. When we published our very first Flavors of Fast report in 2014, we counted a total of 14 live schemes. This year, 56 countries are now live with real-time payments. With the proliferation in faster payments infrastructures, real-time capabilities have become more sophisticated, supported by the innovation overlay services and APIs fuel, and that enable new business cases to continually emerge. It is a world that is in constant motion, and consequently, the scope and focus of Flavors of Fast 2020 have evolved as well.
In this year’s report, you’ll find exclusive interviews with global leaders of real-time payments systems who are playing a critical role in shaping the present and future
of faster payments. Claus Richter, chief operating officer of P27 in the Nordics, which is preparing to launch the world’s first real-time, multicurrency cross-border system; Adrian Lovney, chief executive officer of Australia’s New Payments Platform, which will soon release its Mandated Payments Service (MPS); James Colassano, senior vice president, RTP product development and strategy at The Clearing House, who spoke about RTP’s continued expansion in the United States, and Jit Ng, payment industry interface manager at Transport for London, who shared his perspective on the unique role real-time payments can play for merchants.
As we’ve long said in Flavors of Fast, the real story isn’t only about the speed of payments, but also about what can be done on the real-time rails to add tangible and meaningful value that is felt at every step in the value chain. This year’s report further explores that message with a region-by-region look at the evolution of request-to-pay services– often called the missing puzzle piece that’s needed to fuel significant increase in activity on the real-time rails.
You’ll also find exclusive commentary from FIS’ Andrew Bateman and Daniel Mayhew, who offer their expert views on the influence of real-time payments in corporate treasury, and how cross-border payments will move into a real-time environment to remove longstanding hurdles associated with cross-border transfers made via correspondent banks.
It has never been more important to remove the barriers to trade by building open, sustainable and instant payment services across the globe working with all participants whether they are banks, merchants, corporates, technology partners or fintechs.
Download the pdf to read the full report.