What Real Time Means to Your Digital Transformation Payments Strategy

The expectations for real-time payments continue to grow as consumers have become accustomed to having more things delivered instantly.

In order to gain a perspective on where the payments market is heading and how to capture opportunity within it, it is critical to understand the dynamics playing out in the U.S. Unlike countries around the globe that have responded to market demand with a single, government-led development of a faster payments network, the U.S. is evolving differently due to its size, complexity and tendency toward letting the industry drive innovation. 

It is critical that financial institutions first establish an enterprise-level strategy for enabling faster payments. This begins with an internal assessment of your customers' expectations, your competitors, and your current payment applications and volumes segmented by customer type. Once you have a baseline understanding of where your greatest need and opportunity is, you can prioritize your opportunities to implement faster payments by use case and customer segment.