Currently in the US, more than 130 financial institutions are implementing real-time payments, a five-fold increase since September 2019, according to an FIS survey.Real-time payments are starting to take off in the US as the coronavirus pandemic pushes consumers and businesses to lean more into digital.
India processes the most real-time payments globally. But that's largely due to the fact that the country doesn't have a massive legacy payments infrastructure like the US. Shifting away from a system that gets the job done is a tall ask in an industry as large as payments. Payments have historically been a pain point for businesses large and small. Every business manages their payables and receivables differently, and that often leads to loads of manual work when it comes time to reconcile the books.
Businesses often manage their expenses in monthly cycles. For a particular vendor, companies will hold back cash throughout the month and then lump several, if not hundreds, of invoices together and make one payment at the end of the month.
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