In the Middle East this week talking payments strategy. The UK’s Faster Payments system was described as ‘the granddaddy of all instant payment systems’, this made me proud of what we have achieved in the UK payment space (and my small part in it!)
What also became clear is that every deployment of an instant payment system faces the same broad challenges:
– establishing a clear point of settlement finality
– the role of ‘alias’ overlays to stimulate growth in P2P payment adoption
– real time fraud and sanction screening in an ‘instant’ world
– applying the defacto ISO 20022 message standard
– the role of bulking / debulking of payments
– identifying and measuring key SLA’s
– delivering uptime.
The same broad challenges are faced by each geography and its interesting to see how they are being resolved in each system.
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