Unlocking the power of Instant Payments: A blueprint for successful implementation (German)
Finastra, in collaboration with MSG, contributed to an independent study on Instant Payments specifically targeting the German-speaking market. The study serves as an invaluable resource for banks, facilitating efficient pre-selection of potentially suitable providers to navigate the changing landscape.
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To meet the rising customer demand for fast and frictionless payment experiences that align with the seamless transactions of the digital economy, the European Commission is taking legislative action. These new laws aim to make instant payments more pervasive throughout the continent, introducing significant changes for European banks.
In Germany alone, nearly 200 banks will need to implement instant payments in the coming year. Since almost all major institutions and banking alliances already support real-time payments, the main challenge will be for smaller and medium-sized banks to introduce instant payments anew. These banks face significant challenges, particularly in terms of ensuring 24/7/365 availability, which requires rapid processing within seconds, and the time pressure to implement the system by the end of 2024.
One of the most important questions for many banks will be which software or service provider they should choose for implementation. In this context, MSG have examined the range of software and service products offered by all renowned providers available to banks in the German-speaking region and compiled the results in a comprehensive, independent market study.
