The payments industry is experiencing rapid adoption of real-time payments because faster payments offer many benefits across the entire economy, including instant settlement, greater transparency, and improved liquidity management. To support instant payments, financial services companies, banks, and payment processors face several challenges along the path to adoption.
Check out this recent article in PaymentsNEXT by BHMI’s Chief Technology Officer, Michael Meeks. In this article, Michael explains the following 4 operational challenges payment processors face with real-time payments and offers some insights on how to address them:
- Legacy systems and lack of interoperability
- High upfront costs and complexity to upgrade
- Complexity and uncertainty in disputes
- Inability to monitor risk in real time
