REAL-TIME RAILS CAN UNLOCK NEW VALUE CREATION OPPORTUNITIES
FOR UAE FINANCIAL ORGANISATIONS
With new digital payment trends on the rise , a new set of impactful use cases are now possible . Craig Ramsey , Global Head of Real-Time Payments , ACI Worldwide , talks about this and how real-time rails can create new opportunities for financial institutions in the UAE .
ITH THEIR PROVEN ability
W to drive economic growth , as well as a host of other benefits and conveniences for businesses and consumers , real-time payments are surging in popularity . More than 60 countries have either implemented real-time systems or are working towards a launch . The United Arab Emirates ( UAE ) is set to join this group , with its Instant Payments Platform ( IPP ) set for early 2023 . ACI Worldwide ’ s Prime Time for Real-Time report predicts that the UAE will experience a 36.5 % CAGR in real-time transactions from 2021 to 2026 .
Real-time payments are already available to a large portion of the global population . And as the vision for even greater availability and inclusivity becomes a reality , the movement to a global-payments ecosystem will be complete and every individual and enterprise will have access to fast , open , digital transactions . While the most obvious use case for real-time payments may be person-to-person ( P2P ), customers making payments-to-businesses ( C2B ) is where most of the innovation is likely to occur , and business-to-business ( B2B ) use cases such as leveraging Request for Payment along with e-invoices for collections also hold the potential to deliver immense value to organisations . There are many examples of this around the world , from Sweden , where realtime payments are used in local coffee shops , to the UK and its use of the technology for oneoff bill payments . In Brazil , B2B models allow businesses to pay their suppliers in real-time .