“The Need for Speed: Instant Payments for Generation Instant” - Powered by Banking Circle
Piers Cracknell, General Manager of BC Payments Australia, discusses the evolution and future prospects of instant payments. He outlines the transition from legacy batch processing systems to real-time payment schemes in various countries, including the UK's Faster Payments, India's UPI, the Eurozone's SEPA Instant Payments, and Australia's NPP.
Key highlights
The need for speed
- Instant gratification - it's great for you as a consumer, and great for you as a business.
- Customer insights, marketing, fraud detection, analytics, and more that can be gained from rich data in faster payments.
- Banking Circle offers faster payment services through its own payment rails, enabling quick transfers in the UK through Faster Payments and in Europe through SEPA Instant Payments.
Fraud prevention
- Real-time payments can also open up real-time fraud.
- Organisations need to manage the fraud detection in real time, and not at the expense of slowing down the payment or providing a really poor customer experience.
Processing cross-border payments
- A totally different kind of risk profile to businesses that previously only processed domestic payments.
- Risk systems, fraud prevention systems, and risk and governance frameworks will be very different.
Conclusion
Transaction volumes will continue to grow across both the domestic and instant payment schemes. Banks that are on the legacy processing scheme need to be supporting customers with instant payment schemes as well.
Watch Full Session
Speaker:
- Piers Cracknell, General Manager Australia, BC Payments Australia Pty Ltd