Findings show businesses slow to invest in
real-time payments risk losing out on market share.
NEW
YORK, Sept. 13, 2023 /PRNewswire/ -- BNY Mellon
(NYSE: BK), in collaboration with Datos Insights, today released a
report examining the ongoing growth of real-time payments as a
result of increasing demand from consumers for faster payment
options. The reports finds that a focus on faster payment rails
represents a significant market opportunity – and businesses that
are not investing in new payments technology could find themselves
at a competitive disadvantage.
The report also finds that the increase in cross-border
transactions is driving the need for real-time payments, as
corporations looking to expand into new regions require more
efficient and accessible methods.
Key findings of the survey include:
- 92% of respondents agreed that payments technology will be a
significant to somewhat significant area of investment for their
organization over the next 24-36 months.
- 77% of respondents agreed that real-time payments can help
provide a better customer experience, with 54% agreeing that it is
better for urgent past-due payments, and 32% stating that real-time
payments make cash flow easier and/or safer.
- 55% of businesses in Asia have
reported that they have already moved or would change financial
services providers to have access to real-time payments.
- 80% of respondents anticipate some increase to a significant
increase in the volume of cross-border payments being made over the
next 12-24 months.
"The study reinforces that the adoption of real-time payment
capabilities will continue to increase over the next few years as
consumers expect more convenience and accuracy," said
Carl Slabicki, Co-Head of Global
Payments, Treasury Services at BNY Mellon. "As more use cases
emerge, businesses will need to be more proactive in upgrading
their payment rails and working with providers that offer the
latest solutions that meet the evolving payment needs of their
clients."
All major real-time payment rails across North America, Europe and Asia-Pacific have experienced growth in the
last year, including the recent launch of the FedNow service in the
U.S., which operates 24/7/365 to clear and settle payments
instantly. According to the report, this momentum will not slow
down in the next 24-36 months.
The report attributes this growth to the ever-expanding list of
use cases and benefits that real-time payment capabilities bring,
including better cash positioning and reporting, improved working
capital, operational efficiencies, greater customer loyalty, strong
business partnerships, and more satisfied employees.
"While it is clear that the adoption and use cases are
expanding, there remains room for further advocacy and education to
drive the shift towards real-time payments," says Erika Baumann, Director, Aite-Novarica
Commercial Banking & Payments Practice "This work will be
critical over the next few years, as those that fail to act risk
losing out on significant market share."
The report is based on an online survey of 1,037 employees of
midsize and large corporations in 11 North American, European, and
Asian Pacific countries.
Media Contact
Ryan
Wells
+1 212 298 1249
ryanw@bnymellon.com
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content:https://www.prnewswire.com/news-releases/bny-mellon-and-datos-insights-release-global-survey-on-the-growth-and-future-of-real-time-payments-301926716.html
SOURCE BNY Mellon