Instant payments in Europe have evolved into a critical component of the payments landscape, driven both by regulatory mandate and the growing demand from businesses for faster payment processing. There is additional complexity in the European payments market as many countries have domestic instant payment schemes as well as utilizing the pan-European schemes. As a result, financial institutions must look for solutions that can readily support multiple instant payment schemes running in parallel and independently and operate in a scalable 24/7/365 environment.
This report helps financial institutions (FIs) understand the increasing demand for instant payments, key use cases, pricing considerations, and technology challenges and options. The key findings include:
- 68% of European businesses expect growth in instant payment volumes.
- 90% of businesses are investing significantly in payments technology.
- Almost 90% of businesses consider instant payments important or very important.
- Looming pricing regulations should be viewed as a catalyst for change.
- Modernizing AML and fraud tools is essential for FIs to handle increased risks associated with instant payments.
- Payments-as-a-Service (PaaS) and the cloud are key strategic components of modernization.
