BNY Mellon, in collaboration with Datos Insights, has released a report that examines the increasing demand for faster payment options and the ongoing growth of real-time payments. The report highlights that businesses that fail to invest in new payment technology could put themselves at a competitive disadvantage.
One key finding of the survey is that 92% of respondents agreed that payments technology will be a significant area of investment for their organization in the next 24-36 months. Additionally, 77% of respondents believe that real-time payments can enhance the customer experience, with 54% stating that it is particularly useful for urgent past-due payments. Furthermore, 32% of respondents mentioned that real-time payments make cash flow easier and safer.
The survey also revealed that 80% of respondents anticipate an increase in cross-border payments in the next 12-24 months. This increase is attributed to corporations expanding into new regions, requiring more efficient and accessible methods.
Carl Slabicki, Co-Head of Global Payments, Treasury Services at BNY Mellon, commented on the findings, saying, “The study reinforces that the adoption of real-time payment capabilities will continue to increase over the next few years as consumers expect more convenience and accuracy.”
The report states that all major real-time payment rails in North America, Europe, and Asia-Pacific have experienced growth in the past year. This includes the launch of the FedNow service in the U.S., which operates 24/7/365 to instantly clear and settle payments. The report also predicts that this growth momentum will continue for the next 24-36 months.
The report attributes the growth of real-time payments to the various use cases and benefits it offers, such as improved cash positioning and reporting, enhanced working capital, operational efficiencies, increased customer loyalty, stronger business partnerships, and higher employee satisfaction.
The report is based on an online survey conducted among 1,037 employees from midsize and large corporations in 11 North American, European, and Asian Pacific countries.
Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it