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Instant payments in Asia are changing business models
Journal of Digital Banking,
5
(3),
264-276
(2021)
Abstract
The work of instant payments has just begun. This paper aims to inform the reader of how the Asian marketplace is leading as the world moves to instantaneous payments, enabling real-time commerce. Digitisation is creating a technologically interconnected society that treasures immediacy, and payments are integral to this. Immediacy is not only a question of speed; it implies simplicity, ease, convenience and transparency. Across the Asia-Pacific, real-time domestic electronic payment schemes offer instant payments 24/7/365. These occur within seconds, provide immediate confirmation to payer and payee and are irrevocable. New payments models like instant payments foster new ways of doing business. They support an open banking environment that accelerates innovation to create a more cohesive, customer-centric experience, heightening connections between merchants and consumers as well as businesses and their supplier ecosystems. The unprecedented level of interconnectivity enabled by application programming interfaces (APIs) in an open banking environment, combined with instant payments, will enable banks to unleash vast troves of information related to payment flows. There is a massive opportunity for growth in domestic and cross-border markets. Companies readily will adopt instant payments where there is a compelling case for improving business.
Keywords: instant payments; Asia; QR; cross-border payments; API; real time
The full article is available to subscribers to the journal.
Author's Biography
Steven Pairman is Head of Digitisation Europe & Americas and Cash Product, Europe, Transaction Banking for Standard Chartered. Steven joined Standard Chartered in 2017 as Head of Digitisation and Client Access Europe & Americas, and Cash Product, Europe, based in London. He has regional responsibility for the Standard Chartered channels supporting Cash, Trade and Security Services products, including ensuring the European and American client base are informed on the channel capabilities and product development roadmap. Steven is also focused on the innovation agenda in the cash and trade industry, including PSD2, application programming interfaces (APIs), instant payments and mobile money. He has worked in the financial services/payments industry for most of his working life.
Wanisri Sanggita is Group Payables Product Manager, Singapore, Transaction Banking for Standard Chartered. Wanisri joined Standard Chartered in 2012. Her role includes overseeing cross-border payables product offering for corporate clients across the Standard Chartered footprint. She is also involved in developing bespoke solutions for FinTech clients. Growing through various roles in Standard Chartered for over seven years, Gita had held the Receivables Product and Program Management position previously in Singapore. Before Joining Standard Chartered, she worked in ABN Amro and ANZ in Indonesia and Singapore, assuming various roles in operations, risk and project management mainly in the retail banking space.
