Real-Time Payments in a 24x7 Economy

This report from the Citi Institute discusses the rapid transformation of the financial services landscape towards real-time payments, emphasizing the need for 24x7 availability and frictionless transactions. It outlines the global shift driven by technological advancements, changing customer expectations, and regulatory support, with over 80 jurisdictions now offering instant payment schemes. The document details the challenges and opportunities presented by this transition, particularly for corporates that must adapt their infrastructure for continuous operations. It highlights the leadership of Asia Pacific in this domain, supported by government initiatives, while also noting progress in Europe and the U.S. The report includes projections for economic impacts, indicating potential GDP growth from real-time payments in emerging markets. Furthermore, it addresses the risks associated with increased transaction speed, particularly regarding fraud, and the necessity for robust security measures. Overall, it presents a comprehensive view of the evolving financial ecosystem and the implications for various stakeholders.