Real-time Payments

Ever since the rise of real-time payment schemes around the world, instant payments - with not only direct initiation but also direct execution and settlement - have grown at an unprecedented pace. One only needs to look at what instant payments have done in India on the back of the UPI scheme. With settlement times of five seconds or less, it is easy to see how they are invading the traditional cards market share.

Consumers benefit, but small businesses even more. Request to Pay solutions too are built on the back of instant payments. They are here to stay and grow. Banks and PSPs need to embrace incoming and outgoing payments in real-time and connect them to their transaction banking platforms. It is therefore that SmartVista offers a scheme agnostic solution,enabling the connection to any instant payment scheme.

More than a payment - data puts instant on steroids

Real-time payments are great in terms of instant settlement, but the true value lies in connecting that payment to smart data. Think embedded payments without a POS device, in store or online where an entire eCommerce transaction is finalised with instant payments.

In the commercial world we see developments where duties are settled 24x7 independent of the availability of a customs officer, letters of credit attached to larger instant payment for critical shipments. Think adding a bill to instant delivery of food supplies to hotels and restaurants, enabling drivers to work faster and be safe without the need to carry cash.

SmartVista Instant Payments allows for the integration of real-time payments to a wide range of data sources through APIs. Together this forms a sound foundation for future facing digital banking.