Real-time payments are piquing the interest of firms around the globe.
PYMNTS research has found that more than a quarter of firms surveyed in the U.S. and the U.K. will update their operations in order to receive real-time payments within the next few years.
FIS Executive Vice President of Global Real-Time Payments Raja Gopalakrishnan told Karen Webster that interoperability is a key driver of real-time payments, and FIS’ new RealNet platform, which he said can improve cash flow for merchants, streamline B2B payments and enable low-cost, cross-border payments.
At a high level, the new platform will let organizations across any number of verticals send and receive instant payments. And as PYMNTS reported, RealNet, billed as a cloud-based Software-as-a-Service (SaaS) platform, will enable through application programming interfaces (APIs) account-to-account (A2A) transactions through an initial rollout in the U.S., with U.K. and Europe soon after.
The discussion came against a backdrop in which 60 percent of banks that have access to real-time payments don’t yet offer the potential for instant payments to workers, suppliers or customers.
As Gopalakrishnan noted, any business today, especially one operating in the U.S., must grapple with a number of payment modalities. Those modalities span cash, check, ACH, same-day ACH, wires, debit cards, credit cards, cryptocurrencies and digital wallets.