Fundtech Poll: 93% of Bankers Think Singapore’s Immediate Payments Will Have a Positive Effect on Their Own Business
Fundtech’s Executive Innovation Breakfast attracted nearly 50 bankers to discuss the emerging payments scheme
Jersey City, NJ, January 19, 2012 - Fundtech, a market leader in global transaction banking solutions, today announced the results of a survey conducted at its December Innovation Series Breakfast meeting held in Singapore. The poll of nearly 50 bankers from leading Asian financial institutions found that the vast majority believe that Immediate Payments will have a positive effect on business in Singapore.
The survey findings are significant because they demonstrate strong support for the new high-speed low-value payment scheme being developed in Singapore, considered to be a model for other countries throughout the region.
The survey found that bankers see the potential for Immediate Payments to drive new bank service-fee revenue from both consumers and businesses. A poll of the banking executives in attendance revealed the following:
- While all (100%) of the respondents think that Immediate Payments will have a positive effect on doing business in Singapore, 73% think that it will make Singapore an easier place to do business.
- 93% believe that Immediate Payments will have a positive effect on their own businesses.
- 88% believe that businesses will utilize Immediate Payments – although respondents were split on how often:43% said that businesses will use it extensively, while another 43% said that it would be used moderately.
- 63% believe that Immediate Payments will only be adopted in the advanced banking centers in the region; while 27% believe that it will be widely adopted throughout the region.
The survey was taken at Fundtech’s Executive Innovation Series in Singapore in early December. The conference included presentations from a number of thought leaders including Colin Klipin, former Barclays Vice Chairman of Global Payments. Mr. Klipin played a central role in the development of UK Faster Payments, and his keynote address offered many lessons learned from his experience.
Commenting on the event and survey results, Mr. Klipin said: “In a real-time world it is only natural that payment systems keep up with the pace of business. The availability of Immediate Payments will have a positive effect on those Asia-Pacific economies that adopt such a scheme. The strong attendance at Fundtech’s event and the responses to the survey clearly show there is broad interest in the topic among bankers.”
Gil Gadot, Fundtech Managing Director for Asia-Pacific and a presenter at the meeting said: “Fundtech’s experience with new payment schemes around the world enables us to support those banks willing to be part of the innovation process in payments.” At the conference Mr. Gadot’s address presented case studies on how Fundtech has enabled its UK-based banking clients to gain first-mover advantage in developing their UK Faster Payments infrastructure. Both speakers focused on how banks can prepare a strategy for Singapore's Immediate Payments and how they can profit from the new payment scheme.
About Fundtech Fundtech is a leading provider of financial technology to banks and corporations of all sizes around the world. Founded in 1993, Fundtech was acquired by GTCR, a Chicago-based private equity firm. Major product lines are: payments and liquidity management; cash management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway products and mobile banking products. The company sells these systems through either a traditional software license or through a Software-as-a-Service (SaaS) contract. Fundtech operates one of the world’s largest services bureaus called Fundtech Connect, which addresses the unique needs of the financial services industry. Thousands of financial institutions and companies around the world rely on Fundtech’s innovation to improve operational efficiency, increase revenues, and to provide greater competitiveness through business-to-business services. For more information please visit www.fundtech.com
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