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News

BNY Mellon and Datos Insights release report that shows growth of real-time payments

Friday 15 September 2023 15:18 CET | News

BNY Mellon and Datos Insights have released a report examining the ongoing growth of real-time payments due to the increasing demand from consumers for faster payment options.

This report, released in September 2023, is based on an online survey of 1,037 employees of midsize and large corporations in 11 countries located in North America, Europe, and Asian Pacific countries.

The report finds that a focus on faster payment rails represents a significant market opportunity. Companies that fail to invest in new payment technology could potentially find themselves at a competitive disadvantage. Moreover, the report also concludes that the increase in cross-border transactions is driving the need for real-time payments, as corporations looking to expand into new regions require more efficient and accessible methods.

Key findings of the survey 

  • 92% of respondents agreed that payment technology will be a significant area of investment for their organisation over the next two to three years; 
  • 77% of respondents agreed that real-time payments can help provide a better customer experience, with 54% agreeing that it is better for urgent past-due payments, and 32% stating that real-time payments make cash flow easier and safer; 
  • 55% of businesses in Asia have reported that they have already moved or would change financial services providers to have access to real-time payments; 
  • 80% of respondents anticipate an increase in the volume of cross-border payments being made over the next year to two years 

BNY Mellon and Datos Insights have released a report examining the ongoing growth of real-time payments due to the increasing demand from consumers for faster payment options.

All major real-time payment rails across North America, Europe, and Asia-Pacific regions have experienced growth in the last year. This includes the recent launch of the FedNow Service in the US to clear and settle payments instantly, operating around the clock and every day of the year. According to the report, this momentum is not expected to slow down in the next two to three years.

The report attributes this growth to the ever-expanding list of use cases and benefits that real-time payment capabilities bring, including better cash positioning and reporting, improved working capital, operational efficiencies, greater customer loyalty, strong business partnerships, as well as more satisfied employees. Nevertheless, company representatives maintain that there remains room for further advocacy and education to drive the shift towards real-time payments.

More about the firms

Based in the US, Datos Insights delivers comprehensive and industry-specific data and advice to companies and service providers. It supports progressive banks, insurers, investment firms, and technology firms through a mix of insights and advisory subscriptions, data services, custom projects and consulting, conferences, and executive councils.

Based in the US, The Bank of New York Mellon Corporation (BNY Mellon) is a financial services company operating in Asia Pacific, Europe, the Middle East, and North America.

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Keywords: partnership, research, real-time payments, financial services, payment methods
Categories: Payments & Commerce
Companies: BNY Mellon, Datos Insights
Countries: World
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