Instant payments represent electronic fund transfers that are processed and settled in (near) real-time, operating continuously, 24/7, significantly reducing the delays inherent in traditional payment methods. Various networks facilitate instant payments globally, including SEPA Instant Credit Transfer (SCT Inst) in Europe, Faster Payments in the UK, and emerging systems like the United States' FedNow.
Additionally, payment networks offer their own instant payment functionalities, such as Visa Direct, Mastercard Send and Discover Deliver, which leverage their existing infrastructure for faster fund disbursement. These technologies are collectively transforming how consumers and businesses conduct transactions by enabling rapid value exchange.
The advent of instant payments presents both opportunities and considerations for card issuers. These systems can enhance customer experience by providing faster and more convenient payment options, potentially driving adoption and increasing overall transaction activity within the financial ecosystem.
Furthermore, they can contribute to reduced settlement risks and improved cash flow management for participating institutions.
However, the real-time nature of these transactions also requires a heightened focus on security, requiring the implementation of robust, real-time fraud detection and prevention measures to safeguard both the institution and its customers.
Explicit Selection provides guidance to banks navigating the landscape of instant payment solutions. We offer market assessments to help you understand the various approaches and technologies available, including network-specific solutions like Visa Direct and Mastercard Send, as well as broader infrastructure like SCT Inst. From a technical standpoint, we provide expert advisory services on implementing robust security protocols, including real-time fraud detection and prevention systems, ensuring compliance with relevant regulatory frameworks.
Our expertise further extends to enabling you to effectively communicate the way you have integrated and adopted instant payments in your organization.
We will review which solution works best for your business, how they can best be implemented, what security measures need to be in place, and how to manage your instant payments project from A to Z.
We help you uinderstand which technologies are available, and how you can interpret and implement them.
Listing the opportunities and threats of instant payments, and what this means for your business.
How to manage and implement solutions and technology within an already complex ecosystem.
Helping you to define, review and implement robust security protocols.
Reviewing the rules and regulations so you implement technology in line with the latest regulatory compliance.
We help you market your integration to your audience, and create on-boarding documentation.
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