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Friction associated with traditional payment networks is plentiful, he told PYMNTS in a recent interview — and while real-time payment networks can address many of the related woes, their adoption will greatly rely on their ability to address corporates’ biggest pain points. Progress in Tackling Cross-BorderPayments Friction.
In today’s digital age, however, speedy transactions depend on payment rails that support rapid settlement and messagingstandards that enable sending and quickly processing comprehensive payment details. . NACHA also offers a tool to help firms send ISO 20022-approved remittancesdata for B2B payments. .
There are barriers to progress, though, with most businesses saying that a lack of standardremittance information is the biggest challenge to adoption of electronic payments information.
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