This post was originally published on Fin Extra
What are the changes that real-time payments have been bringing to the financial services sector? How can banks capitalise on real-time payments to create faster, better, safer and more relevant banking services for businesses and merchants? What are some of the specific opportunities and use-cases that real-time payments enable in the corporate space? How do banks modernise in order to be one step ahead of the competition?
Instant is here to stay. In 2024, we have well and truly arrived in an era where financial institutions are moving away from batch-oriented payment processing and move towards real-time payment processing. And for good reason.
But while real-time payments are increasingly embraced in the retail space, research by Sperical shows that by 2033, corporate payments will be forty times larger than consumer payments. This means that there is a lot of untapped potential for banks to offer new services and create new revenue streams in the corporate banking market thanks to real-time payments. Confirmation of Payee, Request to Pay and instalment plans are just some of those opportunities in real-time payments.
The adoption of ISO 20022 and the increased commonality of real-time payments means banks capture and exchange larger
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