The expansion follows the rapid adoption rate of the instant payment system that was implemented by the Central Bank of Brazil in 2020, Pix, which is used by 70% of Brazilians, as Matera provides instant payment software for banks that leverage Pix, in addition to core banking technology.
The instant payments technology that Matera offers has been adapted for the US market in support of RTP and the FedNow instant payments rail that is set to launch in 2023. Furthermore, the company is introducing to US-based financial institutions its QR code payments software, which can be either paired with instant payments or used closed-loop. Speaking on the expansion, company officials advised that the US presents increased opportunity, as over 10,000 financial institutions have a need for improved digital payments options, with Matera aiming to tackle this by delivering a better customer experience through means of simplified payments solutions.
Matera provides scalable and easily integrating instant payments with connectivity to core banking and digital channels. By leveraging its instant payments solution, financial institutions can remain competitive, create new revenue streams, strengthen their relationships with merchants and businesses, as well as attract and retain new customers. By adapting this solution to the US for FedNow and RTP, the company enables banks and credit unions to capitalise on the payment capability, with company officials stating that financial institutions that are unprepared to offer instant payments can lose out on commercial opportunities, as seen when Pix was first launched.
Apart from instant payments, Matera brings to market QR code payments, with the company handling everything on the back end. When it comes to processing QR code payments, modern commerce demands a speedy, simultaneous processing of thousands of QR codes. As per the press release, ecommerce merchants have observed that should QR code generation take more than a couple of seconds, as it could for banks trying to generate an increased number of codes at once, sales could be impacted by up to 10%.
With speed and scalability being important factors, Matera’s platform, coupled with its Digital Twin software, were designed to handle high volumes at rapid speed, having 24/7 real-time processing. With the technology having been tested through deployment in Brazil, it can do extensive batches of codes for a single customer, should a company need to bill a multitude of customers simultaneously and want to use a QR code.
Believed to take instant payments to another level, QR codes enable businesses to reduce their payment processing costs and to receive their money in a more expedited manner, in addition to providing customers with an improved, mobile payment experience.
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