Instant payments are already bringing benefits to consumers, businesses and corporates, as both payers and beneficiaries, in many parts of the world. Schemes have launched in nineteen countries, many more are in development or under evaluation and the deployment pace will further speed up in the next twelve months as two of the world’s largest payments markets, the US and the Eurozone, are set to join the instant payments revolution.
Launched: Bahrain, Brazil, Chile, China, Denmark, Iceland, India, Japan, Korea, Mexico, Nigeria, Poland, Singapore, South Africa, Sri Lanka, Sweden, Switzerland, Turkey, UK
In development: Australia, Netherlands, SEPA (pan-European), Spain, US, Thailand
Under evaluation: Canada, Malaysia, Philippines, Vietnam (plus many others in early stages)
Source : Dovetail / Finextra research
Speeding up the bank response
So, how can banks address these needs and challenges, capitalize on the opportunities and minimize risks?
The answer lies in the progressive modernization and real-time enablement of the bank’s payment infrastructure. In the short term, there will be urgent requirements to launch key instant payment services with minimal impact to existing systems. However, in the longer term, those banks that completely transform their multiple legacy payment systems to a single payment services hub will have efficiency, resiliency and speed to market advantages that others cannot match.
Dovetail is already helping banks globally to deliver these advantages in multiple markets for instant payments. We have a series of proven cost-effective, out of the box solutions that have given our clients a clear competitive advantage – allowing them to progressively develop their systems as customer needs change, so they can respond faster with a developing range of services and have the additional reassurance of a strong level of futureproofing – whichever way requirements shift.
These solutions are supported by our acknowledged payments expertise and thought-leadership, which means we actively participate in groups such as the ISO Real-Time Payments Group, the European Payments Council Technical Architecture Group, the US Federal Reserve Faster Payments Task Force, the International Payments Framework Association and many others.
Combine this with our proven streamlined implementation processes and associated track record of delivery excellence and we are able to deliver instant payment advantages in months not years, with minimum risk.
So, in whichever market it is that you compete, we at Dovetail can help you to speed up your own instant payments proposition.