Find a shortcut in the banks
June 2024
The new regulation on the mandatory introduction of instant payments in the EU has not even been published in the official Journal of the EU yet and already the relevant financial institutions and banks have started playing two parallel games with time.
If we break it down into small pieces, they are actually competing primarily with themselves in the current race, where they are running a 12-month relay race during which they have to deal with the whole agenda of introducing instant payments and catch up within the set time limit. And here they start playing the second game and they haven’t even really warmed up, where having to manage 10s sprints to process each instant payment puts a lot of pressure on all the preparation.
You’d say if you think it’s easy, the exact opposite is true. For some institutions, the readiness to introduce instant payments means a change in the current approach to operations and the 24-7 mode is a huge challenge. It’s like trying to cook lunch for a thousand people on a double plate. It is important to realise that without experience, professional equipment and trained professionals, it would be an ordeal.
To embark on this challenge that the bank will build it, debug it, test it and manage the certification from scratch is without any realistic chance of success. If banks want to reach the finish line before others and before the limit, choosing a ready-made solution that has all the answers to all the necessary questions is probably the only right choice given the limits.
Joining a ready-made complex instant payment workflow and connectivity service is your easiest way.