Real-time payments adoption is gathering pace across North America. With the rise of digital...
Real-time payments adoption is gathering pace across North America. With the rise of digital technology and the increased demand for instant gratification, real-time payments have become a must-have for businesses and consumers alike. As a result, it’s time for all businesses to get to grips with and understand real-time payments.
In this blog, we will be discussing the benefits of real-time payments in more detail, and how your business can use RTPs to their full potential by hiring specialist Product Managers.
Real-time payments (RTPs) are payments that happen in real-time. The money is transferred electronically and clears within seconds, meaning that the funds can be accessed almost immediately. According to ACI’s 2022 'Prime Time for Real-Time Global Payments’ report, real-time payments will account for 27.8% of all electronic payments globally by 2027. Now is the time to invest in real-time payments in order to avoid being left behind by your competitors.
1. Faster and more convenient transactions
One of the primary benefits of real-time payments is the speed at which transactions can be completed. Traditional payment methods such as credit cards, checks, and wire transfers can take several days to clear. However, with real-time payments, transactions are completed in real-time, which means that funds are transferred almost instantly.
This speed and convenience can be particularly beneficial for business transactions. For example, if your organization needs to make an urgent payment to a supplier or pay your employees, real-time payments can ensure that the funds are transferred quickly and efficiently. This can help to improve cash flow and make sure that the business can meet its financial obligations without complications and on time.
2. Increased security
Another benefit of real-time payments is the increased security that they offer. Traditional payment methods such as checks and wire transfers can be vulnerable to fraud and hacking. However, real-time payments use advanced security measures, including encryption and tokenization to protect the transfer of funds.
Real-time payments also offer greater transparency and accountability than traditional payment methods. With real-time payments, both the sender and the receiver can see the status of the transaction in real-time. This can help to reduce the risk of disputes and ensure that payments are made and received securely.
Real-time payments can also help to enhance the customer experience. In today's fast-paced, digital world, customers expect instant gratification and convenience. By offering real-time payments, businesses can meet these expectations and provide a seamless payment experience for their customers.
RTPs can also help reduce the friction and frustration that can be associated with traditional payment methods. For example, with real-time payments, customers no longer need to worry about waiting for checks to clear or filling out lengthy wire transfer forms. Instead, they can complete their payments quickly and easily using their mobile devices.
Real-time payments offer several benefits for fintech businesses and their customers. From faster and more convenient transactions to increased security and enhanced customer experience, real-time payments are the future. So, how does your organization take full advantage?
Product Managers bring innovation to life. The right product person will be able to identify the use case, pain points and needs of the customer in order to build products that provide effective solutions to problems. As a result, Product Managers are at the heart of real-time payments innovation.
If you’re looking for the right product talent to introduce and/or champion real-time payments in your fintech organization, there are a number of factors that we would recommend taking into consideration. The Product Manager resume should show:
Searching for these in a Product Manager resume will ensure that you find the right talent to lead your real-time payments innovation.
Who is at the heart of real-time payments innovation? Product people, of course! If you’re looking to invest in this space, we can connect you with specialist real-time payments product professionals. Alternatively, if you’re looking for a career change and want to know which businesses are leading in real-time payments innovation, be sure to get in touch!
