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The company said that the Blockchain World Wire can simultaneously clear and settle cross-border payments in nearrealtime. The digital asset facilitates the trade, and supplies important settlement instructions.
“Financial institutions need to be actively exploring use cases for real-timepayments within their own organizations for meeting the requirement of their customers. Those who wait may find themselves left behind as the faster payments revolution takes hold.”.
Without near-real-time payroll tools, the wait for employees to actually see their earnings can be a challenge. With so many workers getting paid via direct deposit, Same Day ACH and other faster paymentsinitiatives could theoretically lead to improvements in corporate payroll strategy. Industry experts agree.
Transaction Settlement : The PSP or intermediary ensures that the funds are settled between the customer’s and merchant’s banks, typically through the banking system’s clearing and settlement processes. Faster Settlement : Pay by Bank transactions often offer real-time or near-real-timesettlement.
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