The mass adoption of real-time payment systems around the globe has contributed to an environment in which many consumers, merchants, and financial institutions expect to be able to pay friends and customers, settle bills, and transfer money at the drop of a hat. While the concept of “paying now” is not a new one — cash is an immediate payment transaction instrument after all — the growth of “real-time payment” options has helped build a new standard among consumers. This new standard is driving change for traditional payment types — checks, credit, debit, prepaid, and the like — as consumers have generally come to expect faster settlement periods, notifications and consolidated reporting. The question for financial institutions is whether they’re ready for #paynow?
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