We are witnessing a rise of Neobanks which will pose some challenge for the traditional banks by offering better digital banking options for its .. Read more customers however traditional banks are responding by supplementing their full-service models with improved digital banking offerings of their own. There is a quest for offering faster and safer payments services which is available 24/7 x 365 days. RTPs is now seen as part of an overall ‘Payments-Modernisation’ drive with many of the key banks in the process of modernising their payment systems, which will allow them to accommodate recent ISO standards, but also to accommodate omni-channel payments, faster payments and enhance the user experience. The financial sector is betting big on latest technologies like AI and Machine Learning to check payments fraud and enrich user experience. Real-Time are set to drive the most significant transformation in the global payments landscape since the introduction of today’s electronic payment mechanisms. In the digital era, it is incomprehensible why e-payments should take longer than e-mails or instant messages/ SMS, live movie streaming or Instagram. There is definite growing demand for immediacy of retail payments transactions and delaying things would be denying customers of their needs and expectations.
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