Instant payments: Customer perspectives
The only thing faster than an instant payment is perhaps the speed that they are being set up around the world. Yet is it clear who actually wants it? Who stands to gain – or lose – from the acceleration in growth? Should banks be encouraging adoption, or is there good reason for them to be cautious? Who is the customer for instant payments, is it consumers, corporates or even FinTechs? And perhaps most pertinently, are banks geared up to take advantage, or are their real-time payment rails the only thing that’s real-time? What are the commercial propositions that can be created, and what is the value to the end customer?