Boosting Payment System Resiliency with Real-time Payments
10 August 2020
by Colin Adams, Managing Consultant, Lipis Advisors
As the digital economy continues to accelerate, banks are faced with an uncertain landscape of regulations, technologies, and business processes that can meet these challenges. The emergence of instant payments or real-time payments (RTP) has been touted as a key enabler for unlocking digital payments for banks and their customers.
But the current reality in Europe is fragmented, with banks having to choose between multiple infrastructure providers for SEPA instant payments (RT1, TIPS, or national providers) while also dealing with regulatory issues such as the second Payment Services Directive (PSD2). Furthermore, most of the business processes that have developed around payments for both banks and corporates alike are based on systems that do not operate in real time and that are not operational 24/7/365. With so much change happening in payments, many European banks are struggling to balance the need for innovation with the need to continue running a profitable business.
With so much uncertainty in the move to RTP, cloud-based payment services help provide the flexibility and stability needed in the always-on world of RTP. In an informative webinar we at Lipis Advisors moderated, entitled Boosting Payment System Resiliency Through Real-time Payments, experts from Nets Group, Poste Italiane, and Volante discussed the following questions:
- What challenges do banks face in enabling always-on, 24/7/365 payments for their customers?
- What are the major pain points for corporates and how can RTP functionality help address these issues?
- Key considerations for banks in connecting to RTP infrastructures and integrating RTP functionality internally?
- How does the resiliency of real-time payment systems support the overall health of domestic and global supply chains?
Learn more about RTP, resiliency in payments, and the benefits cloud-based services provide by accessing the complimentary webinar recording, below.