For an overview and definition of real-time payments, read the previously published blog titled ‘The Biggest Misconception of Real-Time Payments’.
There is no doubt that we live in a society which values time. Innovative companies are cropping up every day to help us do things faster.
Financial services consumers are demanding not only speed, but convenience, automation, reliability, and transparency among transactions in addition to real-time funds availability. In addition to consumer expectations, drivers of this faster payment movement include technology innovation, new players and business models, business expectations, enhanced safety and soundness, and globalization and regulatory pressure. As we evaluate those drivers, many industry experts believe that financial service providers will begin to see benefits from functionality that leverages faster payments.