FIS Blog

Flavors of Fast 2016

| Thursday, September 22, 2016

Instant has become the norm in today’s society and although ‘slow’ enjoys a – very enjoyable – revival in food, this surely does not translate into the world of payments and banking. The ‘immediate’ trend sits at the center of a perfect storm: digital technologies enable it, a wealth of available data can give it a broader context, and we are used to having access to anything anywhere in our daily lives and expect no less in our financial walk of life. Immediate payments were seen as the final – almost technical – piece of a financial transaction; this view has changed. Speed without context is just faster, creating context without relevant data is merely an improvement on what was. Immediate payments are now seen as the enabler of meaningful and contextual immediate transactions. For that reason the numerous banks and payment service providers we speak with on a regular basis are joining forces to launch immediate payment schemes – instigated by central banks, regulators, payment associations or private parties.

When the first Flavors of Fast appeared in 2014 we counted fourteen live schemes around the world, one being defined, and one in very early stages. Two years later we cover nineteen live schemes, five with very clearly defined progress and four ‘on the radar’. Immediate firmly sits on the strategic payments and banking agenda.

That is why we are committed to continue to share these global insights with you, not to be complete or to give direction, but to open the debate on the most important element of all: how will we as an industry innovate on top of these instant payment schemes? What can we jointly invent, build or develop to go beyond just speed in order to turn a payment into a meaningful transaction. What other enjoyable life experiences in terms of convenience or relevance can we translate into financial services that enhance our customers’ lives. The interviews in this report give you a broad range of ideas from consumers and businesses that play a central role in our daily lives, up to and including large corporations.

We invite you to take note of the contents, to share them with your colleagues and peers and to engage with us on your views.

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Tagged in: Payments, Flavours of Fast

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