More NewsA Majority of Bankers Think Singapore’s Immediate Payments Will Have a Positive Effect

A Majority of Bankers Think Singapore's Immediate Payments Will Have a Positive Effect

The vast majority (93%) of bankers from leading Asian financial institutions believe that Singapore’s Immediate Payments will have a positive effect on their own businesses, according to a poll by Fundtech, a global transaction banking solutions company.

The survey of nearly 50 bankers found that bankers see the potential for Immediate Payments to drive new bank service-fee revenue from both consumers and businesses. The survey also found that:

  • While all of the respondents think that Immediate Payments will have a positive effect on doing business in Singapore, 73% think that it will make Singapore an easier place to do business.
  • Eighty-eight percent believe that businesses will use Immediate Payments, although respondents were split on how often: 43% said that businesses will use it extensively, while another 43% said that it would be used moderately.
  • Sixty-three percent believe that Immediate Payments will only be adopted in the advanced banking centres in the region, while 27% believe that it will be widely adopted throughout the region.

Colin Klipin, former Barclays vice chairman of global payments, said: “In a real-time world it is only natural that payment systems keep up with the pace of business. The availability of Immediate Payments will have a positive effect on those Asia-Pacific economies that adopt such a scheme.”

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

3m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

3m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

3m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

4m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

4m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

4m Mateo Graziosi