The economic bounce-back from 2020 continues apace in the financial technology sector, judging by investors’ behaviour.
Customers now expect their banking options to align with other aspects of their lives. Just like same-day deliveries, consumers want same-day payments. Instant payments (also frequently referred to as instant transfers or real-time payments) help address this customer need. As the name so kindly implies, instant payments enable consumers to make payments instantly. Unlike traditional transfers that typically move money within a few days, instant payments send and receive funds in a matter of seconds. Unlike traditional money transfers, instant payments are not processed in batches. When banks process transfers in batches, they process all of their transactions in large groupings at specific times throughout the day (designated by the individual bank), regardless of what time the transfer was initiated. Instant payments, on the other hand, are processed in real-time. When a customer initiates a payment, the bank processes that transaction as it comes through their system — allowing the funds to be available in real-time.
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Every year, Feedzai’s risk management platform scores trillions of dollars of transactions to protect the world’s largest companies. Fully AI-enabled to stay ahead of emerging financial crime and money laundering patterns, Feedzai mitigates even the most deceptive criminals so that banks, issuers, acquirers, and merchants can focus on growth.
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