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postheadericon Factors That Affect Real-Time Payments inthe US and Other Countries Alike

Firms have been working hard to make real-time payments a sure reality the world over. Today’s consumer doesn’t want to be forced to wait as technology has improved the speed at which things happen. And banking has to adopt the same speed at service delivery to meet the demand of customers who essentially want their money “now”.

Whether it isa check deposit, an inter-bank transfer or person-to-person money transfer, customers want it to happen fast. But achieving this level of efficiency nationwide has been impeded by various factors especially in the US where the immense number of players by itself is a major challenge.

Other geographies have admittedly made considerable steps in this direction essentially because of their smaller sizes. It’s considerably easier to bring real-time payments to the market where a smaller population is involved. Financial institutions have less trouble putting up the required infrastructure to help meet the need for instant, secure and easy money transfer.

This is not to say that it is a walk in the park to deliver the faster-payments systems across institutions even among these geographies that enjoy relative smaller sizes. Just like the United States, accessibility and ubiquity still remain major hurdles even in these countries that have fewer players.

Here are some of the specific challenges related to accessibility and ubiquity:

  1. Fraud mitigation

Direct access to the faster payments schemes may mean an equally increased risk of exposure to fraudsters. Even in countries like Sweden where new applications have been developed to replace cash, the electronic systems still remain vulnerable to attack by cybercriminals and other fraudsters who deceive the system by mimicking end-user behavior.

Fraud mitigation therefore remains a grey area in virtually every nation. The US which particularly enjoys relative advancement in terms of technology is not free of these challenges because the criminals use the same technology to perpetrate fraud.

However with high risk specialists like eMerchantBroker that allow customers to open high risk accounts at eMerchantBroker.com, we can say that the US has a better standing than many nations as far as fraud mitigation is concerned.

  1. Adoption

The nations can introduce new and faster means of payment. But as with any new thing in the market, it often requires teaching consumers how and why to use these new systems. Bringing them to adopt these new systems is like teaching new tricks to an old dog.

To cut to the chase, nations will do all they can to present real time payments methods in the market, but they must be ready to deal with challenges – lots of them.