The world’s banking system is constantly changing and in recent years it’s been moving in a digital direction.
Digital payment systems are now the standard and many financial institutions are concerned about the reduced need for cash.
The rise of digital payment systems has, however, presented new problems. Real-time bank-to-bank transfers are highly in demand from consumers, yet they are not readily available. Real-time payment processing essentially enhances the functionality of money and could improve economies; however, worldwide payment reform is required in order for real-time systems to become the universal standard.
View Vocalink’s study, “a global move towards real-time payments systems” to find out more.