The momentum behind Immediate Payments is growing around the world, as more schemes are introduced to mirror the “around-the-clock”, 24/7 real-time reality of today’s commercial environment. The countries that have taken the plunge and rolled out Immediate Payments schemes share the commitment to speed, availability, convenience and information-rich messaging. Immediate Payments or Faster Payments refers to credit transfer payments where a customer of one bank initiates a payment to credit an account at another bank. The credit is then posted within seconds and a confirmation is sent back to the originating bank in real-time.
First rolled out in South Africa and Mexico in 2006, it was closely followed by the UK in 2008, Sweden in 2013, Singapore in 2014, and many more over the years. In the U.S., the payments landscape is about to change quickly with a surge of activity to bring real-time payments to the region with NACHA’s Same Day ACH initiative and The Clearing House’s real-time payments system due to roll out in 2017. Australia’s New Payments Platform (NPP) is also set to roll out in 2017, and many other countries are in consultation or in development, including Thailand, Finland and the Pan-European Real-time Payments initiative.
D+H is a market leader, providing a Real-time Payments Solution as a module of its global payment hub solution. The solution accommodates individual and bulk domestic payments schemes whose turn-around time, from issuance of a customer’s original instruction to the bank’s final response, must happen in real-time.
In 2013, D+H won The Banker’s ‘Innovation in Technology and Transaction Banking Award for Best Payments Technology’ to reflect the role D+H’s Real-time Payments Solution has played as the core processing engine for Bankgirot, a European clearing house operator in Sweden. In 2014, Bankgirot also won a Celent Model Bank award for the system.