Swift Analyses ‘Changing Landscape’ of Real-time Payments
The global real-time retail payments systems (RT-RPS) landscape is assessed in a newly-released research paper from Swift.
The paper, entitled ‘The Global Adoption of Real-Time Retail Payments Systems’, provides analysis on the key drivers and trends, and identifies the different approaches, barriers to entry and critical success factors.
It also highlights two key interlinked themes; the variety of different adoption speeds and the relationship with core drivers which are leading to the adoption of such systems:
RT-RPS growth is strong, but countries are adopting a variety of approaches which affects the rate of progress:
Regulatory initiatives are proving to be the key driver behind the increased adoption of RT-RPS:
“The emergence of real-time payment services is having a transformational impact on underlying payment systems,” says Juliette Kennel, head of market infrastructures at SWIFT. “Real-time is a growing trend led by consumer expectations, supported by regulatory reform.
“Different countries have implemented real-time retail payment systems in different ways, ranging from simply adapting current legacy infrastructures to deal with real time, up to building brand new innovative systems, as we are seeing in Australia. Legacy and new models will need to co-exist both at a domestic and cross-border level, so, for banks, interoperability will be key. The industry is going to have to come up with ways to enable banks to offer real-time capabilities while keeping costs in check. Collaboration and innovation is going to be key.”
The full research paper can be accessed here.