The payments industry is undergoing unprecedented change from the foundations up. Global infrastructure is being renewed to be fit for purpose for the digital age, as evidenced in this special report. And while some changes are regulatory driven, emerging technology, changing customer behaviour and new industry entrants are also encouraging a faster pace of change.
One example of infrastructural change is the international move to real-time, 24/7 domestic payments. Forty countries were live with faster payment schemes as of mid-2018, according to FIS’s Flavours of Fast report. Some are even working on version 2.0 of their real-time schemes. For example, the UK, which launched Faster Payments in 2008, is now revamping its architecture, scheme operator and access models.
