The real rush for real-time payments in the digital economy

In today’s on-demand world, we expect to be able to spend, move and receive money instantly. For this reason, real-time payments (RTP), also known as ‘faster payments’ or ‘instant payments’, are gaining momentum globally. However, currently, many financial institutions have an infrastructure and a good customer base, but they are typically burdened by legacy systems. Many payments solutions are outdated, and interfaces are not intuitive. What is the best way forward, what is the value proposition and what are the steps required to enable RTP? To be able to achieve RTP, and at the same time support traditional ways of managing payments, domestic and international, it typically requires you to be innovative and transparent, including building ecosystems that are trusted by your customers and business partners. You need a reliable, scalable and secure payments infrastructure, supporting both today’s and tomorrow’s business needs. In this presentation we will share best practices on how to get there through real life examples both from an IT and business perspective, from countries which have implemented RTP, and what should be improved to be able to digitally enable and optimize payment applications.

Consumer protection in the age of faster payments

This session will evaluate the need for faster/improved payments in Canada, including speeding up availability and certainty of payments, processing of payments and settlement, working towards ubiquity, competing on a global level, discussing industry initiatives related to faster payments, understanding legal frameworks for payment systems, the impact of risk management, compliance, and regulatory issues for operators and participants, and faster/improved payment products from the customer/end user perspective (consumer and corporate).

Real-time payments and real-time fraud: Lessons learned from around the globe

Real-time payments is now a reality with more than 30 schemes live around the world. However, not every scheme has been successful. A mixed response to real-time payments has led to countless opportunities for customers and businesses in some countries, whereas in other countries, consumers have not fully embraced real-time payments. In addition, as the need for cleared payments in real-time increases, so do the opportunities for fraud to occur. As real-time approaches Canada, ensuring the success of the country’s new real-time rails is essential to ensure such opportunities aren’t passed by. This session will explore the reasons behind the mixed responses to real-time payments around the world as well as potential products and revenue opportunities. In addition, it will cover key environmental changes that banks need to make to ensure they are successful, such as speed of processing, strong resilience, and required back-office functions including exceptions handling and fraud protection.

ISO 20022 and the Real Time Payments Group

This session will highlight the work of the Real Time Payments Group (RTPG) under the ISO 20022 umbrella. This group created and published the global RTPG market practices and continues to evolve the practices to meet the needs of the growing number of real-time systems that are adopting ISO 20022. Discussion will include how the market practice group operates and the presenters will share some practical implementation stories.

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