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Craig Ramsey, Head of Account-to-Account Payments at ACI Worldwide narrowly focused on basic compliance, simply transferring the necessary existing processes without any added value or modernisation initiatives.
Why? Because the transition to instant payments does demand significant investment not just in software and hardware upgrades but also in managing the impact on consumers and addressing staff skills gaps. If not managed carefully, the disruption caused by these changes can lead to customer dissatisfaction and operational instability. This, coupled with the sheer cost of modernisation, is why many banks adopt a‘ bare minimum’ approach.
However, this short-term strategy carries an even greater long-term cost. The popularity of instant payments is increasing rapidly, driven by the likes of Wero, a pan-European digital wallet solution using instant payment rails, already live in France, Germany and Belgium.
ACI Worldwide’ s Real-Time Payments: Economic Impact and Financial Inclusion report quantifies the economic impact, financial inclusion benefits and potential profit opportunities for financial institutions and it finds that instant payments are the only solution that can bring affordable financial services to millions.
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