The potential of immediate payments

3 23 May 2014 7,944 2 comments

This content has been created by the Finextra editorial team with inputs from subject matter experts at the funding sponsor.

Simon Newstead, MD, head of market engagement at RBS, discusses how immediate payments are still an emerging trend, what needs to be factored in when developing an immediate payments technology and the types of innovation that can be built on top of immediate payments.

Related Company

Royal Bank of Scotland

Channels

/regulation & compliance /retail banking /payments /wholesale banking

Keywords

cards ebaday mobile & online banking transaction banking

Comments: (2)

A Finextra member

27 May 2014

Well articulated.

I agree that ISO20022 would be preferable if it can be used in a fast throughput scenario, purely because of the additional data that can be carried with the payment. As payments get faster the risk of fraud rises and more data would allow central regulators, banks, merchants and the individual a greater chance to curb fraud.

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Tom Hay Principal Consultant at Payment Systems Europe

28 May 2014

Singapore's FAST payments service uses ISO20022 for real-time request-response processing. It provides much more flexibility, and is a lot simpler to integrate with modern software stacks, than the cards-based ISO8583 used in the UK.