Real-Time Payments Implementation – Lessons from across the pond

Tue, Feb 28, 2023 1:00 PM – 2:00 PM EDT

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As the US moves toward broad adoption of real-time payments (RTP) with the deployment of FedNow, it can learn a lot from the UK’s implementation of real-time payments.

Miriam Sheril, Head of Product at Form3’s US division, and Connie Blacklock, EMEA Head of Real-Time Payments at J.P. Morgan shed light on what banks should consider when it comes to real-time payments, the vast differences on what the space looks like in the US compared with other regions, and what the payments industry can expect in 2023.

Key takeaways

• Similarities and differences between faster payments in the UK and US real-time payments, e.g. availability rules, screening and how this impacts financial institutions.
  
• Moving to real-time doesn’t just mean your payment processing is 24/7. You need to think about your whole end-to-end payment flow (servicing, accounting). Resilience and availability are key and how can banks achieve this.
  
• What financial institutions need to consider from a fraud perspective. With payments happening in real-time and irrevocable, the UK has seen APP fraud rise, which is something US banks need to think about.

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* This article was originally published here