Published by Gbaf News
Posted on May 18, 2018
Possibilities for value realization in new real-time banking ecosystem abound, new White Paper finds
The proliferation of real-time schemes globally will enable new innovative services in the banking and retail sectors and further disrupt the current global payments ecosystem, according to new research published by ACI Worldwide, KPMG and Vocalink.
The study, Real-Time Payments: Value Realization is Here predicts that combined with other digital and payment trends such as mobile wallets, open banking and modern data standards, the possibilities for value realization in the new real-time banking ecosystem abound.
Research Highlights:
“The next stage in the real-time evolution is already unfolding across the globe. This is not just about fast payments anymore, but about securing a winning place in the new digital banking ecosystem, and the role of real-time in the new payments world is increasingly vital. If you do not offer real-time services to your customers soon, another business will,” said Craig Ramsey, Head of Real-Time Payments, ACI Worldwide. “For banks, this means building a modern, fit-for-purpose environment. The right real-time solution will bridge the opportunities in the new payments world. If banks don’t start somewhere now, they risk losing more than payment volumes; they risk losing their customers.”
“These days, financial institutions must shift their approach to remain relevant in the payments disruptions and movements of the modern age. They need to ‘act like a startup, think like an enterprise.’ Banks must get out of the monolithic mindset and embrace a holistic enterprise view,” said Troy Hagey, Principal, Strategy, Financial Services, KPMG LLP. “A major portion of banks’ revenue comes from payments, and that makes payments a business—with consumer, commercial, corporate, business and small business banks all playing a role. The only way to ‘future-proof’ a bank’s technical infrastructure against whatever unknowns lie ahead is to demolish the silos once and for all so that, whatever may come, the entire organization can adapt as one.”
As the UK Faster Payments Schemes celebrates its 10th anniversary in May, the research report reveals key insights and figures from maturing real-time regions:
“Real-time readiness should be viewed as a strategic leap toward modernization, both from a business model and a technology perspective,” continued Ramsey. “The right choices now raise the odds of long-term success in what is rapidly becoming the world’s fastest growing payments mechanism.”
“As the reach of real-time payments expands, so do value-added capabilities,” added Hagey. “And when combined with other digital and payment trends such as mobile wallets, open banking, and modern data standards, the possibilities for value realization multiply.”
ACI has an unmatched global customer base of financial institutions and payment service providers using its UP Immediate Payments solution. In the UK, the solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Currently, over 60 percent of the direct participants of the UK’s Faster Payments Scheme use ACI’s solutions. Additionally, ACI has customers using UP Immediate Payments to access Singapore FAST and the Australian NPP (New Payments Platform) and are implementing The Clearing House RTP system and Zelle for customers in the US. ACI serves on the ISO 20022 Real-Time Payments Group, the EPC Instant Payments Technology Group and chairs the IPFA rules working group.
Possibilities for value realization in new real-time banking ecosystem abound, new White Paper finds
The proliferation of real-time schemes globally will enable new innovative services in the banking and retail sectors and further disrupt the current global payments ecosystem, according to new research published by ACI Worldwide, KPMG and Vocalink.
The study, Real-Time Payments: Value Realization is Here predicts that combined with other digital and payment trends such as mobile wallets, open banking and modern data standards, the possibilities for value realization in the new real-time banking ecosystem abound.
Research Highlights:
“The next stage in the real-time evolution is already unfolding across the globe. This is not just about fast payments anymore, but about securing a winning place in the new digital banking ecosystem, and the role of real-time in the new payments world is increasingly vital. If you do not offer real-time services to your customers soon, another business will,” said Craig Ramsey, Head of Real-Time Payments, ACI Worldwide. “For banks, this means building a modern, fit-for-purpose environment. The right real-time solution will bridge the opportunities in the new payments world. If banks don’t start somewhere now, they risk losing more than payment volumes; they risk losing their customers.”
“These days, financial institutions must shift their approach to remain relevant in the payments disruptions and movements of the modern age. They need to ‘act like a startup, think like an enterprise.’ Banks must get out of the monolithic mindset and embrace a holistic enterprise view,” said Troy Hagey, Principal, Strategy, Financial Services, KPMG LLP. “A major portion of banks’ revenue comes from payments, and that makes payments a business—with consumer, commercial, corporate, business and small business banks all playing a role. The only way to ‘future-proof’ a bank’s technical infrastructure against whatever unknowns lie ahead is to demolish the silos once and for all so that, whatever may come, the entire organization can adapt as one.”
As the UK Faster Payments Schemes celebrates its 10th anniversary in May, the research report reveals key insights and figures from maturing real-time regions:
“Real-time readiness should be viewed as a strategic leap toward modernization, both from a business model and a technology perspective,” continued Ramsey. “The right choices now raise the odds of long-term success in what is rapidly becoming the world’s fastest growing payments mechanism.”
“As the reach of real-time payments expands, so do value-added capabilities,” added Hagey. “And when combined with other digital and payment trends such as mobile wallets, open banking, and modern data standards, the possibilities for value realization multiply.”
ACI has an unmatched global customer base of financial institutions and payment service providers using its UP Immediate Payments solution. In the UK, the solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Currently, over 60 percent of the direct participants of the UK’s Faster Payments Scheme use ACI’s solutions. Additionally, ACI has customers using UP Immediate Payments to access Singapore FAST and the Australian NPP (New Payments Platform) and are implementing The Clearing House RTP system and Zelle for customers in the US. ACI serves on the ISO 20022 Real-Time Payments Group, the EPC Instant Payments Technology Group and chairs the IPFA rules working group.
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