Alignment of Real-Time Payments Across International Borders
Instant payments are an industry response to changing customer expectations and are set to become the new normal, with services now available in many markets across the world. But current services are mostly domestic and not interoperable across markets or borders. In the EU, efforts have been made to combat the fragmentation of these services with the introduction of the Eurosystem’s Target Instant Payments Settlement (TIPS) service and EBA Clearing’s RT1 pan-European euro instant payment platform. The industry has also responded to the need for more efficient cross-border payments, and with 50% of cross-border payments having at least one leg in a domestic payments system, efforts are also underway to link SWIFT gpi to domestic instant payments systems, thus transforming the end-to-end payment experience for the end beneficiary.
In this session, we will look at how instant payments are being rolled out in Europe and elsewhere. What are the adoption levels and the use cases? What role are fintechs playing in this space? Is there a magic bullet or will it take a regulatory effort to push adoption to the tipping point? And how is the adoption and use of instant payments likely to play out in the years to come?
Join this panel discussion at EPS 2019: 26 April, 10.15 AM!
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