Each year, for the past three years, financial services firm FIS publishes its Flavors of Fast report, an examination of various faster payments initiatives. On Tuesday (June 7), the firm published its 2016 version, first announced at the Euro Banking Association’s EBAday 2016.
The report looks at 28 real-time payments initiatives currently in the works throughout the globe. It also highlights a few key data points to underscore the growth of demand for immediate payments.
For instance, India saw a fourfold increase in the volume of consumer immediate payments last year.
China, meanwhile, saw a 30-fold increase in the volume of immediate payments and a 90-fold increase in the value of those transactions in 2015.
The U.S.’s The Clearing House said it expects to process 8 billion transactions in real time by 2022.
“Flavors of Fast offers the financial industry global insights into the evolution of real-time payments,” said FIS Chief Operating Officer of Banking and Payments Anthony Jabbour in a statement. “But more importantly, it furthers the debate on the element most relevant to financial professionals — how will the industry innovate on top of these instant payment schemes.”
FIS concluded that emerging economies show some of the greatest increase in the appetite for immediate payments. The report also explores the rise of open API technology used by banks in their faster payments efforts and, of course, the status of blockchain technology within financial institutions’ efforts in immediate payments.
While consumer payments may be eagerly egging on immediacy, other data suggests corporates are less enthused by the efforts. Some B2B payments analysts and industry stakeholders have reported concerns over the security of faster payments.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More