Real-time payments are ubiquitous: Is your business ready to accept real-time payments?

As instant payments grow worldwide, so do the opportunities for fraudsters to strike. In a recent webinar with Alacriti, Mark Majeske, Senior Vice President of Faster Payments at Alacriti, and Brian Riley, Co-Head of Payments Research at Mercator Advisory Group, discussed what financial institutions and other organizations can do to mitigate fraud amid the widespread adoption of real-time payments.

Faster Payments = Faster Clearance

Faster payments have been a mainstay in Europe for roughly a decade, and their adoption is rising in the U.S.

“Faster payments is an emerging trend in the U.S.,” said Riley. “The clearance will speed up in a short period of time — from a difficult three-day period to minutes in most cases. One of the challenges is that you still have the same requirements to manage fraud, but now it’s in a shorter period of time. And that’s significant.”

“When we look at payment growth through the next decade, we see real-time payments hitting close to $5 trillion by 2023,” he added.

 

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