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

Author

Listed:
  • Natarajan, Harish

    (Lead Financial Sector Specialist, USA)

  • Balakrishnan, Mahadevan

    (Consultant on Payment Topics, USA)

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.

Suggested Citation

  • Natarajan, Harish & Balakrishnan, Mahadevan, 2020. "Real-time retail payments system or faster payments: Implementation considerations," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 14(1), pages 48-60, March.
    • Handle: RePEc:aza:jpss00:y:2020:v:14:i:1:p:48-60
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    More about this item

    Keywords

    faster payments; real-time retail payments; framework for realtime retail payments; RTRPS readiness index; decision tree; settlement options; messaging standards; APIs;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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