the-challenges-of-implementing-instant-payments-insights-from-bankservafrica-|-ff-news-at-sibos-2023
The Challenges of Implementing Instant Payments: Insights from BankservAfrica | FF News at Sibos 2023
The real-time payments race is on, and banks are facing a number of challenges as they implement instant payment systems. At Sibos 2023, BankservAfrica shared their insights on the challenges they have faced and the lessons they have learned.
BankservAfrica, a leading provider of payment services in Africa, is one of the first banks to implement an instant payment system. They have faced a number of challenges, including:
Technical challenges: Instant payment systems require a high level of technical expertise to implement and operate. For example, the system is very complex and requires a lot of coordination between different stakeholders.
Operational challenges: Banks need to make changes to their operations to support instant payments. For example, they need to put in place new processes for handling instant payment transactions.
Regulatory challenges: Instant payment systems need to comply with a variety of regulations. For example, they need to meet the requirements of the Payment Services Directive (PSD2) in Europe.
BankservAfrica has overcome these challenges by taking and subsequently following a holistic approach to instant payment implementation. They have invested in technology, made changes to their operations, and worked closely with regulators. It is important to note that this proves true based on the number of benefits that they have already started seeing as a result of implementing an instant payment system. These benefits include:
Increased customer satisfaction: Customers want to be able to make payments in real time. Instant payment systems make this possible, which can lead to increased customer satisfaction.
Increased revenue: Banks can charge fees for instant payment transactions. This can lead to increased revenue for banks.
Improved operational efficiency: Instant payment systems can help banks to improve their operational efficiency. For example, they can reduce the time it takes to process payments. As a result, they will be able to cut operational costs and redirect them to other projects.
Banks that are considering implementing an instant payment system should be aware of the challenges involved. However, by taking a holistic approach and working closely with partners, they can overcome these challenges and reap the benefits of instant payments.
To learn more about instant payment implementation, schedule a demo today by calling toll-free at (877) 227-7271 or by visiting Fundingo.