In a report made public at the 2009 SWIFT International Banking Operations Seminar (SIBOS) currently taking place in Hong Kong, the two companies are to make public the results of the research. According to a statement released by VocaLink, the analysis has revealed that the Faster Payments Service available in the UK has evolved from its regulatory origins into offering a business case for adoption of the service. Two-thirds of interviewed financial services providers felt that Faster Payments could deliver new revenues for banks.
The research showed that the experience of participating banks provides a strong business case for real-time payments to be rolled out into Europe and beyond. However, the research identified key lessons for banks to consider when implementing any real-time payment infrastructure in the future.
Banks which have already invested in modern real-time accounting systems will find it easier to implement and operate faster payments than their counterparts with old legacy and batch-based systems. However, banks with legacy systems are expected to find that real-time payments provides an incentive to re-architect their transaction banking platforms in order to cope with the demands of the modern payments world. Secondly, banks introducing real-time payments should consider a charging model for customers from the outset.
The research also highlights a number of benefits, from helping to reduce cheque and cash volumes to delivering benefits within the corporate and government sectors.
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