Modern commerce can be described in one word – immediate. Customers expect on-demand transactions whether they’re hailing rides, consuming media, or paying bills. Technology has elevated business-to-consumer (B2C) interactions with the help of apps, mobile payments, and ecommerce software that streamline even the simplest transactions.
Now that consumers can pay for goods, services, and experiences with the touch of a finger, expectations are rising for immediate payments in other aspects of commerce. For example, businesses moving money to other businesses more quickly and efficiently. Insurance companies paying their customers’ insurance claims on the spot to lessen disruption to their lives. Employers paying contract employees and freelancers more expediently than issuing paper checks. And cross-border payments of all types being conducted in simpler, more streamlined transactions.
Faster payments are evolving quickly to bring new speed, connectivity, and efficiency to money movement around the world. This blog provides an overview of faster payments, what’s currently underway in the U.S., and global systems that have been developed in support of faster payments. It also provides use cases of real-life applications for faster payments in business to business (B2B), B2C, and consumer to business (C2B) transactions.
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