Mumbai, October 7, 2020: New research released today by banks and financial institutions tech provider FIS shows that adoption and usage of real-time payments in India has accelerated amidst the COVID-19 pandemic and the real-time rails are now offering capabilities that extend beyond instant payments.
FIS’ seventh annual Flavors of Fast report highlights key findings about real-time payments networks across the globe:
Request to Pay (R2P), cross-border payments, and corporate treasury business-to-business payments are driving adoption of real-time payments networks globally, according to the FIS report. R2P systems offer a convenient and flexible way for people, businesses and governments to request a payment from a third party. The UK government has formally launched a framework for the development of a national R2P system built on international standards. In addition, The Clearing House in the U.S. is working with banks and billers to pilot an R2P service that is expected to launch later this year.
“The current pandemic has highlighted the critical importance of instantly getting funds in the hands of those who need it, whether individuals or businesses” said Raja Gopalakrishnan, head of Global Real-time Payments at FIS. “This year’s FIS Flavors of Fast report shows that as real-time payments networks mature, they are bringing value beyond speed. At FIS, we are working to further advance the business payments experience across the global ecosystem to make it simpler, easier and more cost effective while enhancing the user experience.”