Real-Time Payments Get Boost From New Partnerships in US and Europe

Real-time payments have continued their growth in 2024 so far, with several developments unfolding in various countries around the globe. Angola, for one, has taken its initial dive into the real-time payments space a step further.13B: Projected real-time transaction volume in North America by 2027

Having launched the first phase of its 24/7 Real-Time Payment System in October 2022, which allowed Multicaixa debit card payments to be reflected in bank accounts the next business day, the National Bank of Angola recently announced the extension of the service to include transactions made on Friday and Saturday mornings. The bank hopes to expand this functionality as mobile banking channels continue to grow in popularity across the country, with plans to offer real-time payment operations on Sundays and holidays in the near future.

34.2B: Projected real-time transaction volume in Europe by 2027In Europe, Visa and RevoluPAY have collaborated to introduce Visa Direct, a new solution that empowers RevoluPAY customers to send and receive instant payments to and from individuals using RevoluSEND. This operational solution covers the European Economic Area, with users needing only to fill out a form with the recipient’s Visa card or account details to confirm the transaction. Once this is accomplished, the transaction proceeds in real time.

119.5B: Projected real-time transaction volume in Latin America by 2027Canadian businesses, meanwhile, can now receive customer payments in real time through open banking platform Flinks’ new instant payments offering, Flinks Pay, available in beta version. Flinks Pay’s user interface enables customers to accept eTransfer requests and make payments directly from their devices. The full release is scheduled for later this year, when it will reportedly include features such as standard electronic fund transfer (EFT) payments, recurring payments, credit card payments and real-time guaranteed EFT payments.

The United States has traditionally made slow progress in the real-time payments space, but many companies are looking to accelerate real-time innovation. Mastercard and The Clearing House (TCH) recently announced a multiyear extension of their payments partnership, continuing Mastercard’s ongoing role as the exclusive provider of instant payments software for TCH’s RTP® network.

The “Real-Time Payments World Map,” a collaboration with The Clearing House, examines the state of real-time payments in countries around the world and how they compare to their counterparts.