Leaders and Laggards – Real-time payments growth across regions
In the lead up to EBAday, Silvia Mensdorff, Senior Vice President, Banking & Payments – Europe, FIS, speaks to FinextraTV about the accelerated growth of real-time payments and variation in approaches across the European Union, the key initiatives influencing this and what impact Request to Pay will have on Instant Payment adoption.
Why Digital Payment Strategy Matters
As the digital payments revolution continues to unfold, companies will increasingly be evaluated on the choice they offer consumers. For many, integrating digital payment options will fall outside of their core competencies. To get it right, consider partnering with providers who can not only help you set up these new digital payments offerings, but also assist in crafting a personalized communications approach for each customer and extracting meaningful insights from these engagements. EverView can help! More on our website: everview.io
Real-Time Payments: Enabling a Connected, Cashless, and Inclusive Society
Real-Time Payments: Enabling a Connected, Cashless, and Inclusive Society
Istvan Molnar, Godfrey Kutumela
A presentation from ApacheCon @Home 2020
Across the globe, real-time payment systems are being rolled out providing a higher degree of convenience, transparency, and efficiency enabling secure, cashless, and more inclusive economies transforming commerce at all levels – consumers, business, and governments. The Apache Fineract architecture will need to continue to evolve and keep pace with how value is exchanged. The Mifos Initiative has been aligning its development on Apache Fineract and Mifos to equip governments and institutions to effectively participate in the real-time systems being built in accordance with emerging standards like the Gates Foundation’s Level One Principles and complementary open source systems like Mojaloop enabling real-time interoperable payments. This session will explore the emerging trends and standards around real-time payment systems including a closer look at the ecosystems in a couple of countries, an overview of these guiding principles illustrated by Mojaloop as a reference implementation and a showcase and roadmap of the Payment Hub EE – the open source bridge and microservices orchestration layer Mifos is building to seamlessly enable accounts and wallets managed on Fineract to initiate transactions over modern real-time payment rails via mobile channels and Open APIs.
Istvan is Partner and Architect for DPC Consulting, an enterprise Java consultancy from Budapest, Hungary that has decades of experience implementing banking and real-time payment solutions at scale. Istvan has led the deployment of Mifos and Fineract at a bank in Germany as well as banks in SE Asia. Building off of the experience implementing real-time payment systems for Singapore and Hungary, Istvan has lead the design and architecture of Payment Hub EE, a powerful bridge and microservices workflow orchestration tool spearheaded by the Mifos Initiative, for integrating Fineract with real-time payment systems like Mojaloop
Godfrey has 20 years of Technology Consulting experience specializing in Fintech, Cybersecurity, DevSecOps\BizSecOps, Cloud Native and General Solution Architect. Extensive background working with large scale, high-profile systems integration and development projects that span a customer’s organization, and experience designing robust solutions that bring together multiple platforms. He is passionate about the use of technology and its applications in every aspect of humanity in order to advance the livelihood and economic conditions of the under developed world. My interests lie in helping businesses create and deliver value through innovative application of information and communication technologies with an outside-in approach, focusing on consumer and market needs
 Real Time Payments The Trillion Dollar Opportunity (seriously)
View the entire playlist here: Interoperability in Payments
Cross Border Real-time payments are not here… yet!
While you might hear many claims, the truth of the matter is that cross-border real-time payments is still very much in the air. There is a huge market segment that simply does not get fulfilled in international transfers due to a minimum qualification criterion, i.e. the US$ 200-floor price for most cases.
I made this short video to share on a very broader level of what real-time payments mean in cross-border transactions.
ABOUT FAISAL KHAN
Faisal Khan is a banking/payments consultant specializing in cross-border payments and is a digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on Payments & Fintech with over 22,000+ listeners. Mr. Khan is a talent scout for Series A & B financing for various fintech VCs/funds. He is also a frequent contributor to popular Q &A site Quora where he has been a Top Writer 6 consecutive years.
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Real Time, Any to Any Payments: A Simple Explanation To Improve Payments
The world of payments is rapidly evolving. Consumers are expecting more and incumbents have to provide new services to stay relevant. Real Time, Any-to-Any Payments provides banks, retailers and billers with an strategic solution to improve payments productivity and provide value to the consumer.
It’s a disruptive world. You need to step into the future to see how you can take advantage of disruption. For your customers, that means using any payment token instead of the branded card. For you, that means stronger customer relationships and risk management, lowered cost and real-time payments. ACI Solution can help you be a disruptor.
Why real-time? Why now? Cards are resilient with inefficient infrastructure. They have quick payments with positive funds verification, but card payments are expensive and government regulation often means altering your business models just to profit from card operations. ACH payments are inexpensive and scalable, but ACH networks don’t have instant funds verification. Payment recipients like merchants and municipalities assume an increased risk of non-payment. Settlements might take up to three days. By that time, payers may have insufficient funds in their accounts.
Alternative networks, Paypal and Skrill, to name a few, are simple to use and have funds verification. They’re expensive though and sometimes payment settlement takes multiple days. Since accounts are funded by account payment or through ACH, this third option relies on traditional payment networks to operate. Can you imagine a world where consumers have total control over their money. Imagine consumers, shoppers, anybody or any business, paying directly from their bank accounts, banks reclaiming a direct relationship with consumers and providing value to consumers. All the while, retailers and billers reduce their interchange costs without fighting the banks.
As the world of real-time payments becomes reality, now is the time to enable cheap, quick, universal and secure electronic payments with instant positive funds verification, all built on reliable and proven technology. UP BASE24-EPS is that solution. Imagine a different world, consumers using any payment token, such as a smartphone or a non-branded card to deliver instant, secure, and inexpensive real-time payments directly between two accounts anywhere in the world. With UP BASE24-EPS as the enabling technology, retailers, financial institutions, and billers will all benefit from real-time payments.
In this new world, everybody wins. Banks benefit from a more efficient process, reduced risk, and stronger relationships and increased revenues. Retailers and billers benefit from lower costs, faster funds availability and increased consumer-spending. Customers get instantaneous, secure access to a trusted source of funds and are rewarded for their loyalty.
Take advantage of the disruption. Visit us today to join the future of payments. SUBSCRIBE HERE TO SEE MORE GREAT VIDEOS
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