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While 'receive-only' instantpayments is a significant step forward, the true transformative power lies in actively sending payments. In a recent joint survey from the FPC and Finzly, it unveiled that corporate customers drive nearly 78% of instantpayments revenue. The stakes are certainly high.
While 'receive-only' instantpayments is a significant step forward, the true transformative power lies in actively sending payments. In a recent joint survey from the FPC and Finzly, it unveiled that corporate customers drive nearly 78% of instantpayments revenue. The stakes are certainly high.
While 'receive-only' instantpayments is a significant step forward, the true transformative power lies in actively sending payments. In a recent joint survey from the FPC and Finzly, it unveiled that corporate customers drive nearly 78% of instantpayments revenue. The stakes are certainly high.
Finastra , a global provider of financial software applications and marketplaces, today announced the completion of a Swiss Interbank Clearing (SIC) instantpayments readiness project. Using Finastra’s cloud-based Service Bureau offering, Swiss banks can seamlessly transition to facilitating instant interbank payments.
Within the research , Juniper Research found instantpayments will revolutionise B2B payments by enabling cheaper and more secure cross-border trade. They will reach 42 per cent of all cross-border payments by 2028, at $16trillion; up from just 17 per cent in 2024, at $5trillion.
By August 2023, the 50 largest banks in S witzerland must be capable of processing instant interbank payments, with all participants in the Swiss customer payment system expected to achieve this capability by the end of 2026.
In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instantpayments market. Interoperability is a core component” of FedNow, said Montgomery.
Interest in faster payments is also on the rise for corporates, though their adoption of real-time payments won’t look the same as it does in the B2C world. For financial service providers, instantpayments offers a chance to open up new revenue streams and develop new services for corporate clients.
Temenos recently released research with Ovum, the “ 2017 Transaction Banking Survey: Challenges & Imperatives of Real-Time Payment and Liquidity ,” that found 80 percent of corporate treasurers are exploring their options and considering switching banking providers if it means they’ll gain access to better, value-addedservices.
Ubiquity and scale and standards, such as ISO20022, are necessary to move money. For Mastercard, “we apply value-addedservices in milliseconds,” with innovation brought at the application level. To modernize the financial system, there must be 24/7 availability of payments.
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