Real-time retail payments system or faster payments: Implementation considerations

Harish Natarajan and Mahadevan Balakrishnan
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Harish Natarajan: Lead Financial Sector Specialist, USA
Mahadevan Balakrishnan: Consultant on Payment Topics, USA

Journal of Payments Strategy & Systems, 2020, vol. 14, issue 1, 48-60

Abstract: Real-time retail payments systems — otherwise known as low-value real-time retail payments, faster payments or immediate payments — are gaining momentum. This paper describes a framework to help countries, particularly developing countries, decide whether or not to implement such systems, and if so, the key considerations, such as settlement options, message formats, third-party access etc, would be very helpful for these countries.

Keywords: faster payments; real-time retail payments; framework for realtime retail payments; RTRPS readiness index; decision tree; settlement options; messaging standards; APIs (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2020:v:14:i:1:p:48-60

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