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The era of global payments has arrived much earlier than anticipated, so financial futuristics across the globe are obliged to transform or improve their digital capabilities and cultivate an appetite for payment modernization evolution. We must build pillars supporting payment modernization schemes such as instant/real-time payments, cross-border interoperability, and ISO 20022 migration.
With the constant changes blowing through the financial community, ECS Fin spoke with multiple payment experts and surveyed more than 50 global corporates and financial institutions. Below are excerpts for different regions experiencing unprecedented transformation in payments.
Just as The Clearing House’s RTP system works today, the FedNow service will also operate on ISO 20022 messages allowing individuals and businesses across the US to receive and make instant payments. ECS Fin team expects to witness the boosting trend of real-time payments in the US market in response to the rising potential for instant payments, both globally and domestically.
It is quite evident that modern payments demand innovative and collaborative instant payment solutions that can deliver the speed required for the movement of money through all channels instantly, data handling for ISO20022 messages, and multi-network capabilities. IMS Payments is an intelligent transaction processing system that can simplify, manage and control the full breadth of payments, connectivity, integration, and messaging. Select and stack the flexible IMS modules, components, and/or services to build solutions or address specific issues.