The Request to Pay Revolution

Treasury and Trade Solutions

in cross border ecommerce, market participants will need

to build solutions to eliminate foreign exchange risk (e.g.

through a guaranteed FX rates program) and settle RTP

collections with merchants in their currency of choice.

13.

Bank readiness

: Banks are built on batch processing

and ‘store and forward’ messaging. Banks have to make

significant investments to upgrade general ledgers,

payment, credit and fraud systems to connect to real

time RTP schemes.

14.

Unbanked populations

: RTP schemes work with bank

accounts and do not in themselves address the issue

of financial inclusion. India has shown with Aadhaar

how identity is the first step in addressing this issue.

There is the potential to extend RTP schemes to

enable tokenized collections from all types of payment

account, including cards and non-bank wallets.

This list of RTP gaps and challenges may seem daunting,

but do not be deceived – there is an inexorable trend

towards merchants having cost efficient, real time access

to bank accounts and this list is actually a roadmap of

opportunity for forward thinking fintechs, banks and

technology companies.

Mastercard acquired Vocalink

to facilitate as many payment

flows and payment types as

possible to provide choice to

consumers, banks, businesses

and governments across the

world. Vocalink has embedded

the RTP capability in its real

time infrastructure and Pay by

Bank application. We believe that

speed, security and convenience

of RTP will provide real value to

businesses and specifically small

and medium sized enterprises.”

Paul Stoddard: CEO Vocalink

(a Mastercard company)