Overlay Services Redefine What’s Possible
A global leader in payments technology, FIS will soon release its fifth annual edition of Flavors of Fast, a premier payments industry report examining trends in global faster payments schemes. From mobile apps that enable users to split a bill to real-time insurance payments, value-added overlay services that run on payment rails have increased the ubiquity, functionality and value of instant, beyond speed.
Fifteen faster payments schemes have launched since our 2017 Flavors of Fast report. Existing scheme growth has been steady in Europe and Africa. In Asia, usage has increased as much as 50 percent.
The Clearing House launched Real-time Payments (RTP) in November 2017
The richness of data and transparency is more important than processing time for many corporates. In the 2018 Flavors of Fast report, learn how faster payments now support the data needs of commercial users, and how open APIs are helping corporate treasury leverage faster payments to optimize cash management.
Overlay services and open APIs that run on real-time rails have created new possibilities for global faster payments in 2018.
In India, the immediate payment service (IMPS) offered through the unified payment interface (UPI) has led to innovations that merge payments with messaging. Money transfer apps like Tez and Paytm now feature chatting capability; chatting apps like WhatsApp and Hike added instant payment mechanisms.
In France, a major supermarket chain with an in-house bank relation has implemented SCT Inst payments at checkout through its shop app to reduce card acquisition, processing fees and check usage.
In Portugal, a challenger bank is offering instant loan availability with an SCT Inst payment. The bank uses open API banking to credit check the loan applicant directly through their bank before making funds available instantly.
In the UK, an initiative marketed as #YayDelay uses an algorithm to monitor real-time train delays. Customers can tweet #YayDelay to unlock discounted or free Gordon’s London Dry Gin & Tonics during frustrating commutes.