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Treasury and Trade Solutions
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The Request to Pay Revolution
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United Kingdom
: In addition to compliance with PSD2,
the UK Open Banking project driven by the Competition
and Markets Authority (CMA) has mandated nine banks
to open standardized APIs from January 2018. The small
number of banks involved and the standardization of the
APIs make the UK an attractive testbed for merchants
and fintechs interested in RTP. Lessons from the UK
can be usefully exported to other geographies and may
inform future regulatory decision making.
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Nigeria
: The Nigeria Inter-bank Settlement System
(NIBSS) Centralpay Plus system connects to merchant
websites and allows consumers to pay merchants in real
time using their internet banking credentials. There is a
One Time Password (OTP) option based on an underlying
electronic mandate where the payer authorizes the
transaction through a mobile.
Americas
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United States of America
: The largest payments market
in the world is going through some significant changes
including the creation of real time payments. Being
the home of the free market, the regulators have not
mandated banks to join the real time payments scheme
but the Fed has made it clear that it wishes to see a
ubiquitous service emerge. RTP is a feature of the new
scheme and will pilot in mid-2018.
•
Argentina
: The Debito Inmediato (DEBIN) service in
Argentina is undergoing testing between the banks
and will pilot in mid-2018. Latin America is a variegated
banking market but there are signs in several markets
that payment system innovation is moving higher up the
regulatory agenda.
Each of these examples is indicative of the surge of interest
in RTP on a global basis – many countries are planning their
own developments. RTP will be a catalyst for innovation
and further iterations and developments are inevitable.
Regulators, banks, fintechs and merchants need to see the
big picture that these individual developments represent.
“Online payments ultimately originate
from bank accounts but for a long time
the consumer had to use intermediary
instruments to get the payment
done. Trustly is excited to leverage
Open Banking to enable 400+ million
Europeans to make simple, secure
payments to merchants direct from
their bank accounts.”
Oscar Berglund, CEO Trustly
“ACI is a technology provider
to real time payments schemes
in many parts of the world –
Vocalink, STET, Zelle, TCH and
Paynet are a few examples.
We see a consensus forming
around the need to offer RTP
as an additional method of
payment in many markets.
Online and offline merchants
see the opportunity to reduce
costs and increase data fidelity.”
Paul Thomalla, ACI Worldwide