Real-Time Payments or Faster Payments are set to drive the most significant transformation in the global payments landscape since the introduction of today’s electronic payment mechanisms. Consumers expect to pay for and receive their purchases as fast as possible- 24/7*365 days. Merchants on the other hand, expect to have the certainty to be paid as soon as they release their goods and services, enhance their cash flow management, reduce fraud activity and provide incremental value to their customers. Regulators and central authorities are also aiming to modernize legacy payments infrastructure, promote digitization of the economy, through Real-Time Payments.
