Driving new overlay services with instant payments

Oct 21, 2015

Digitalisation is changing the face of trade, retail, commerce, business and social interactions all over the world. Instant payments offer consumers and businesses an easy, costeffective approach to payments with the speed and certainty expected in the instantaneous, real-time world of the internet. They also provide the foundations for new overlay services for both bank and non-bank payment services providers.

Instant Payments is actually not a new mode of payment. The first instant payment initiative started in Japan back in 1973, followed by Switzerland in 1987. Today, a multitude of fast payment initiatives, in different stages of development, can be found around the world.

Of the multiple faster payment systems in operation today (except the Japanese and Swiss ones), all appeared after 2000. And the trend continues as many countries are planning to transition to a real-time environment.
So why is the development of instant payment initiatives accelerating?

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