As more people work and play from home, digital payments have exploded. As the payments sector has raced to fulfil demand and offer new goods and services, innovation has accelerated. Organizations’ resilience has been put to the test as they try to satisfy their financial responsibilities while avoiding dangers like cyber-attacks.
Payments investment is expected to rise: 70% of businesses aim to boost spending. Skills (a top priority for 44 percent) and technology (37 percent) will be prioritized in spending. Companies are now facing a major problem in terms of payment speed.
Adopters of real-time payments anticipate benefits such as enhanced interaction with counterparties, improved cash management, and visibility to transaction information.
Adoption is currently restricted, although it is increasing: Real-time payments are currently integrated in 14% of businesses. Businesses are already adopting real-time transactions for receivables and payables on a domestic level; cross-border payments will soon follow.