Banks understand what they want from real-time global payments, but getting to a position where they can take full advantage of the benefits available is a tall order.
While several projects are underway around the world with the aim of bringing real-time to multiple markets, before banks can reap the benefits of real-time, they must first get their tech house in order. .
Banks need to think about how real-time payments should interact with each other and create real-time global settlement and clearing.
Why is this still such a challenge? It’s all tied to what’s going on in the payment structure of traditional banks.
Whether it’s a Tier 1 bank cluttered with legacy systems or a smaller bank with limited coverage of cross-border capabilities, in almost every financial institution payments tend to be segregated.
This Finextra impact study, carried out in collaboration with Form3explore the current challenges facing banks in their efforts to meet instant payments goals, how the global real-time ecosystem is pushing financial institutions to evolve, outline key trends pushing the real-time agenda, and how best to for banks to steer themselves for real-time success.