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Data for today’s episode is provided by Mercator Advisory Group’s report – Business-to-Business Faster Payments: Market Review and Forecast 2018–2023
Six Global Faster B2B Payments Markets:
- The United States, faster payments are forecasted to exceed $3,863 billion by 2023
- Canada’s Real-Time Rail (RTR) will launch in late 2020; messaging will be ISO 20022 compliant and offer standardized API interface
- China’s IBPS system is now ISO 20022 compliant, transaction limit approx: $7,000 USD, and 4.5 billion annual transactions
- The EU’s SCT Inst. system is relatively new, connected to 2000+ PSPs, achieved 100K transactions per day ~$50 million Euro Q4 2018
- India’s UPI mobile app is for p2p, disbursements, & point of sale. Estimated to have 70 million users
- United Kingdom’s FPS platform is often used as the model for what a US system could look like: 2 billion transactions for $1.7 trillion GBP in 2018
About this report
The pace has increased in the march toward ubiquity. Financial institutions of all sizes should be actively delivering or planning to incorporate one or more of the existing faster payments solutions for clients as business interest rises