As part of our commitment to providing relevant payments and FinTech news and analysis, we’re excited to announce our new weekly report. Each week, we’ll highlight some of the most interesting and relevant articles in the industry. This week, we’re highlighting recent payments reports.
From the transformative power of real-time payments to the potential of tokenized deposits and the rise of financial automation, these reports offer a deep dive into the innovations shaping the financial landscape. We hope you find this information as valuable and exciting as we do.
How Real-Time Payments Work—And How They’re Revolutionizing Fintech
This report from Aeropay details how Real-Time Payments (RTPs) are revolutionizing fintech by enabling near-instant transactions between financial institutions, businesses, and consumers. RTPs enhance cash flow, security, and operational efficiency for merchants while providing consumers with faster purchases and instant payouts. The adoption of RTPs is growing rapidly, with significant use in various industries such as online gaming, retail, and the gig economy. As RTPs continue to expand, they promise to further transform financial transactions globally.
Tokenized Deposits and the Potential for Faster Payments
In this report, the Faster Payments Council examines how tokenized deposits offer significant potential for faster payments by reducing risks and enhancing automation in financial markets. These deposits can drive the adoption of quicker payment systems, especially in business-to-business and high-value transactions. They represent a new frontier in payment infrastructure, with the capability to transform how financial transactions are conducted.
Rise of Real-Time Payments (RTPs) in Corporate Banking
In this report, Infosys Finacle discusses the rise of Real-Time Payments (RTPs) in corporate banking, highlighting its global impact and potential for transforming financial transactions. It presents six scenarios demonstrating how RTPs benefit various entities, including businesses, customers, and governments. The report also emphasizes the importance of digital identity systems in enabling efficient government-to-citizen payments. It introduces Finacle Payments Suite as a solution for banks to modernize their payment systems.
Bill 2024 State of Financial Automation
The BILL and SMB Group published the 2024 State of Financial Automation report based on a survey of 750 U.S. financial decision-makers in small and midsize businesses with 10-500 employees. The report examines trends in SMB financial management and operations, including challenges, automation adoption, AI enthusiasm, and workforce models. Some key findings highlight SMBs’ optimism about revenue growth, struggles with talent retention, and increasing interest in financial automation and AI to improve efficiency and decision-making.
Federal Reserve Payments Insight Brief: Banking My Way―Gen Z and Millennials are Driving Change in Payments
This Federal Reserve report examines changing consumer payment behaviors, particularly among younger generations. It found that the use of digital wallets and mobile payment apps is growing rapidly, especially for Gen Z and Millennials, driven by desires for convenience, speed, and 24/7 availability. While cash and cards remain common, consumers increasingly expect faster payment options and are open to non-bank providers, though fraud concerns persist.
Stay tuned for our next weekly report, where we’ll continue to highlight the top articles in fintech and faster payments. Happy reading!