As Head of Sales & Marketing at Intercope, Daragh Kirby addressed the impact of instant payments on banking systems during EBAday 2024. Kirby highlighted how instant payments have eliminated the need for banks to rely on outdated core banking systems for processing transactions, including SEPA, cross-border, and RTGS payments.
Financial institutions are now exploring more suitable technologies to enable instant payments in a streamlined manner with reduced latency. This shift is essential for supporting regulatory timelines and leveraging the benefits of faster transactions.
Instant payments have revolutionized the way banks operate by allowing them to process transactions quickly and efficiently. With the elimination of cumbersome core banking systems, financial institutions can focus on developing new technologies that support instant payments in a streamlined manner with reduced latency. This shift is crucial for supporting regulatory timelines and leveraging the benefits of faster transactions.