As real-time processing becomes the norm in domestic payments, how long would it take for cross-border payments to catch up?
November 07, 2018 | Siddharth Chandani
- Growth of domestic real-time payment systems
- Exploring the future of crossborder ‘real-time’ payments
- The uptake of SWIFT’s global payments innovation (gpi)
The rapid pace of digitalisation and growing market pressure for fast and transparent cross-border transactions have led payments to undergo significant infrastructure modernisation. In order to meet service standards and increased regulatory demand, new emerging players have increased the pace of disruption to capture parts of payment value chain.
Given the movement to harmonise national payment systems across the region, the focus has shifted to address the cost of international payments and offer speed, reliability and traceability for the corporate users to improve overall experience. In the previous Asian Banker annual survey of payment trends across Asia-Pacific, innovation in payment solutions and drive to digital the latest survey, priorities have manifested themselves into growth of instant payment platforms and infrastructure to improve existing capabilities. With more countries joining the ranks to offer domestic real-time payments, the impetus for global, cross-border payments is even greater.
Growth of domestic real-time payment systems
Legacy payment systems are being replaced by real-time infrastructures, necessary for delivering quick-to-scale products and customised transaction services.
Enabling financial institutions and corporates to make and receive domestic payments between accounts in real-time, the New Payments Platform (NPP) in Australia was collaboratively developed and launched by 13 financial institutions, including the top four Australian banks. In addition to supporting instant payments based on the Fast Settlement Service (FSS), NPP accommodates more data-rich information such as remittance, tax into payment messages.
Commonwealth Bank of Australia (CBA) has made ...
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, Cross-border Transactions