The 2016 report covers 19 live real-time payment frameworks (five more than 2014), five under development and four real-time initiatives in early stage of exploration. In addition, interviews with The Clearing House, EBA CLEARING and the Dutch Payments Association provide details on current and future developments.
The report outlines the signposts of progress in existing schemes over the past three years, including the UK New Access Model, and the introduction of the Universal Payments Interface in the Indian IMPS scheme.
Consumer appetite for immediate payments has sharply increased since 2015’s report, gaining in value and volume, particularly in emerging economies. For instance, volumes and value quadrupled in India, while China showed a thirty-fold increase in volume and a ninety-fold increase in value of payments made.
Other new elements of the 2016 report include growing interest in combining “open” API banking and immediate payment initiatives, while Blockchain is now on respondents’ agendas, including as a proposed functional requirement in some early-stage initiatives.
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