Due to their fast development pace and a variety of associated benefits, real-time payments are no longer an optional feature but rather an essential element of long-term success. As a result, they have gained wide recognition in the modern world and are revolutionizing the way transactions are conducted across the globe.
As businesses strive to optimize their operations and maximize their revenue, they face the need to regularly evaluate their payment approval rates. While keeping this metric up is essential for the company’s performance, many companies don’t know how to tackle this task, as it involves a variety of factors and may seem too complex.
For a business owner, only a few things are as daunting as the prospect of failed payments, as they can have far-reaching consequences for the company's bottom line and overall financial stability.
While the payment industry is evolving at an increasingly fast pace, one thing remains ever-present - fraudulent activity. What's more, the tactics implemented by dishonest players keep becoming more and more intricate, prompting businesses to search for solutions that could tackle these higher-grade challenges.
Peer-to-peer (P2P) technology has been disrupting the payment industry over the past years by enabling consumers to transfer money directly to one another without the participation of traditional financial institutions.
The South African Reserve Bank (SARB) is currently in the process of testing its new Rapid Payments Program (RPP), which is expected to bring about a revolution in the way people make financial transactions across the country, once it’s launched later this year.
The European Central Bank (ECB) began investigating the potential of introducing the digital euro over a year ago. Since then, the work on this project has been actively progressing, with the ECB holding multiple discussions about its key design options with the Committee on Economic and Monetary Affairs of the European Parliament over the course of 2022.
The United Kingdom’s payment ecosystem has undergone significant changes over the past decade, driven by advancements in technology, a shifting regulatory landscape, and a growing demand for security, speed, and convenience among consumers.
The UK’s Faster Payments system has been effectively enabling instant money transfers between participating banks since 2008. However, despite the prominent role this scheme has played throughout the years, it is gradually becoming outdated and requires an upgrade to keep up with the rapidly evolving payments landscape.