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However, the banks that have been and will be successful are the ones that see faster payments as the “new normal” for payments, clearing and settlement — and with the “new normal” comes new ways to do everything, from account-to-account payments to transfers across borders.
But she added that “we do lose a lot when we talk just about speed.” Billings noted that corporate clients are also interested in the data that real-time payments can provide across a multitude of payment types, spanning requests for payments, remittances and other transactions. The Rails Themselves .
Looking at the two types of merchants — online or physical stores — he said real-time payments are less likely to gain traction in a brick-and-mortar setting, at least on the consumer side of the equation. initial real-time payment limits were set at 10,000 pounds, and now are at 250,000 pounds. The Corporate Case.
Ubiquity and scale and standards, such as ISO20022, are necessary to move money. That stands in stark contrast to other innovators in payments that are in effect starting with “a blank slate … with a new system or a new capability.” Even in embracing digital, he said, “you keep the core constant and then you put layers on top.”
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