This year’s FIS Flavors of Fast report shows that as real-time payments networks mature, they are bringing value beyond speed
MUMBAI, Oct 8 (BNC Network) Real-time payments in India have accelerated amid the COVID-19 pandemic and the real-time rails are now offering capabilities that extend beyond instant payments, new research released today by FIS shows.
FIS’ seventh annual Flavours of Fast report highlights that India leads global real-time payments, processing 41 transactions per day. India continues to innovate with the launch of extensive business services on the real-time rails including IPO subscription, mandate management and invoice-in-the-box.
“The current pandemic has highlighted the critical importance of instantly getting funds in the hands of those who need it, whether individuals or businesses” said Raja Gopalakrishnan, head of Global Real-time Payments at FIS. “This year’s FIS Flavors of Fast report shows that as real-time payments networks mature, they are bringing value beyond speed. At FIS, we are working to further advance the business payments experience across the global ecosystem to make it simpler, easier and more cost effective while enhancing the user experience.”
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights.
Its Flavours of Fast report says Six countries have seen a twofold or greater increase in number of real-time payments processed over the past year: Bahrain (657%), Ghana (488%), Philippines (309%), Australia (214%), India (213%) and Poland (208%). Over the same period, four countries have seen a two-fold or greater increase in the monetary value of real-time payments transactions: Philippines (482%), Bahrain (311%), Australia (231%) and Ghana (222%). South Korea reported the highest number of real-time transactions per capita, with 75 transactions per citizen, per year processed through the country’s HOFINET scheme. In the U.S, more than 130 financial institutions are currently implementing real-time payments, a five-fold increase since September 2019. More than half (56%) of all European payments service providers have joined the pan-European SEPA Credit Transfer Instant Payments network, which brings cross-border and instant payments to 20 countries. Vietnam and Hungary added real-time payments networks since last year, bringing the total number of countries with such schemes to 56.
Request to Pay (R2P), cross-border payments, and corporate treasury business-to-business payments are driving adoption of real-time payments networks globally, according to the FIS report. R2P systems offer a convenient and flexible way for people, businesses and governments to request a payment from a third party. The UK government has formally launched a framework for the development of a national R2P system built on international standards. In addition, The Clearing House in the U.S. is working with banks and billers to pilot an R2P service that is expected to launch later this year.
The 2020 Flavors of Fast report includes meta-analysis of real-time payments data research conducted in April and May 2020. The report defines real-time or faster payments as funds transferred from one bank account to another with payment confirmation in one minute or less. The full report includes interviews with real-time payments experts and analysis from FIS.