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.”

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