Bank customers’ demands for speed and convenience are increasing, and as a result, traditional payment instruments such as cards and checks are losing ground to real-time payments.

Real-time payments guarantee immediate availability of funds to the beneficiary of the transaction and, in Accenture’s view, could potentially replace not only cards and checks, but even the automated clearing houses that banks now use.

More and more frequently immediate payments (IP) infrastructures are being set up and operated worldwide, delivering significant benefits to banks’ stakeholders. For example, businesses can pay employees and suppliers faster, have funds available quickly and gain access to rich payments data. Consumers gain convenience with 24×7 availability and immediate access to funds.

Establishing an IP capability can be challenging for banks, requiring a redesign of internal processes and an alteration of current batch-payment operations. Underlying payments technologies and central infrastructures also need modernizing. Accenture has identified four elements for success in this transformation, including:

  1. Vision and strategy to shift the bank from a 30-year-old payments model to a 24/7/365 payments model.
  1. Commitment and patience to stay the course through substantial investments—which could total billions of dollars in the USA alone—and years of leadership focus to both minimize costs and optimize competitive advantage by pursuing new business and revenue opportunities.
  1. A clear and actionable roadmap that outlines a path to the end state and reflects lessons learned in other markets.
  1. Skills gained by collaborating with other banks across the national industry and developing alliances and partnerships within the payments ecosystem.

Polish bank Polski Standard Platnosci, winner of the Efma Accenture Innovation Award for Best Innovation in Payments, built a multi-bank system, which banks can use regardless of their particular platform or operating system. It can be used across operating systems and mobile platforms and works in channels such as ATMs, point of sale, e-commerce and business-to-business (B2B) transactions. Polski Standard Platnosci is expanding the system to enable direct payment from mobile devices.


If you are interested in learning more about immediate payments, here are some additional resources:

Read about the current state of immediate payment systems

Learn about the challenges facing banks seeking to establish real-time payments

And, don’t forget—the 2016 Efma-Accenture Distribution & Marketing Innovation Awards are approaching. We’ve already seen more than 100 bold innovations from some of the most influential names in banking.

Submit your most innovative projects between now and 7 September 2016 to enter.

One response:

  1. One size doesn’t match all payment systems: fragmentation and completely different implementation approaches across markets threaten the worth of period of time clearing and settlement.
    Financial establishments and infrastructures alike want standardisation, ability and an economical, versatile interface that enhances technology re-use.
    The system should even be ready to adapt to evolving security threats, and operate across new and entrenched models each domestically and cross-border.

Submit a Comment

Your email address will not be published. Required fields are marked *