accenture immediate payments

8/9/2019 Accenture Immediate Payments

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Accenture Payment Services

Immediate payments:seizing the customer

opportunityWhy real-time transfer and

availability of funds is key to the

success of the Everyday Bank


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Executive summary 3

Payments in the era of theEveryday Bank 4

Market context: payments mustcatch up with todays realities 7

The case for action:benefits for all users 8

Immediate payments in action:the UKs Faster Payments Service 12

Digital payments innovation:paving the way for future services 14

A call to action for banksand a change of mindset

16

2 | EVERYDAY BANK RESEARCH SERIES


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As banks across the world strive

to become Everyday Banks witha central role in their customersdigital lives, its increasinglyclear that offering immediatepayments capabilities tocustomers will be critical forseizing this opportunity. Whatsalso clear is that its not onlypayment confirmation that must

be instantaneous. For immediatepayments to truly engagecustomers and drive ongoingpayments innovation, monetaryvalue must also be availableimmediately for customers todigitally spend as they wish.

The need for instant access to value is

consistently underlined by customerresearch studiesand by the risingnumber of immediate paymentsinfrastructures being set up andoperated around the world. From theUK to Singapore, from Australia to theUSA, immediate payments are eitheralready available or being planned. Themomentum is unstoppableand growing.

Countries increased adoption ofimmediate payments infrastructure

reflects the significant benefits immediatepayments can deliver to end-users.Governments gain advantages rangingfrom reduced cash and check handlingto easier management of economicrisks. Businesses can pay employees andsuppliers faster, have funds availablequickly, and gain access to rich paymentsdata. Consumers stand to benefit most,with convenient 24x7 availability,a compelling end-to-end payments

experience, and ideally, immediate accessto value.

The reality of these benefits is provenby consumers rapid take-up of existingimmediate payments services such as theUKs Faster Payments Service, but theadvantages realized to date are just thestart. Immediate payments systems beingdeveloped are ever more sophisticated,with potential for future innovationbuilt in: for example, Australias New

Payments Platform, based on a multi-layered infrastructure designed to improvepayments experience to end-users,promote competition and drive innovationin payments services.

Also emerging are ever more intuitive and

sophisticated services and applicationsthat leverage the underlying immediatepayments capabilities to meet a growingrange of customer needs in real time.From instantaneous person-to-persontransfers to parking payments, fromgeo-ticketing to crowd-sharing, newapplications are appearing constantly. Inpart due to these newcomers, Accentureand VocaLink believe banks need to choosetheir digital service models carefully.

Either they can stand back and allowthemselves to be relegated to the statusof transaction utilities, with customervalue, relevance and relationshipsmigrating elsewhere. Or they canembrace the full potential of immediatepayments, and innovate individually andcollaboratively to seize their rightfulposition in the payments ecosystem andtheir customers lifestyles. In our view,those banks that choose the second

option will emerge as the industryswinners of tomorrow.

Executive summary

EVERYDAY BANK RESEARCH SERIES | 3


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Due to the impact of digital

technology on consumersbehaviors and expectationsworldwide, todays banks areat a crossroads.

They can become central to theircustomers everyday purchasing activities,in the same way that social media andonline retailers have become centralto consumers purchasing decisionstapping detailed customer data to offerrelevant discounts and offers, pre-saleadvice, post-sale support, and cross-saleopportunities. Or todays banks can stayon the periphery of their customers lives,acting merely as transactional utilitieshandling financing and fund transfers.

Its a stark choiceand its down to thebanks themselves to make it. Newcomersare beginning to threaten banks revenues,by offering intuitive mobile payment

applications and websites. In Accenturesview, a third of banks revenues are injeopardy by continuing on their currenttrajectory of offering limited digitalservices to customersthe apparentlysafe route1. In contrast, Accentureanalysis suggests that those that chooseto position themselves as the EverydayBankharnessing their extensivecustomer data to reinvent themselves asvalue aggregators, advice providers andaccess facilitatorscan expect an overall

difference of 50 percentage points inoperating income over those who do not2.

The digital revolutionin payments

Payments play a key role in bankstransformations into Everyday Banksparticularly recently, due to the adoptionof immediate payments infrastructureby increasing numbers of countries. Theconvergence of immediate payments withsteadily growing usage of smartphonesand other digital channels presents anopportunity for bank accounts to become

focal points for customer interactionsand engagementoutlined in Accenturesvision for Everyday Payments.3

Capitalizing on this opportunity will meanthat the Everyday Bank can increasinglyhelp to fulfill customers non-financialas well as financial needs, forging deepand more durable two-way relationshipsin the process. Against this background,we have created this point of view onimmediate payments.

demands that customershave immediate accessto funds

For banks and payment providers toreposition themselves as trusted andindispensable digital partners forconsumers, we believe a new immediatepayments industry capability will be

needed: one that supports and enablesreal-time account-to-account transfersand payments between connectedEveryday Banks, Everyday PaymentProviders, and relevant partners in theinterconnected payments ecosystem.

For this point of view, Accenture defines

real-time payments systems orimmediate payments as an interbankaccount-to account payment that isposted and confirmed to the originatingbank within one minute, so the payeecan use this value instantly and the payerhas confirmation of the status of thetransaction.

Some banks have argued that immediatepayments services could viably be offeredby providing immediate messaging to

confirm the payment, with settlementthen being completed laterthe nextday, for exampleat which point thefunds would become available. However,Accenture believes banks will be makinga big mistake if they press ahead withimmediate payments offerings based onthis type of definition. While a guaranteethat funds will be delivered in the futuremay work for merchants accepting creditcard payments, this model will simply

not be enough to give customersbothbusinesses and consumersthe seamlesspayments experience they are nowdemanding. This will also miss out ona whole world of new digital businessmodels enabled by real-time availabilityof funds. We explain our thinking on thisissue in more detail in the accompanyinginformation panel.

Alongside the growing demand fromcustomers for instantly accessible

monetary value, its also important to takeinto account the additional benefits andopportunities that spring from increasingthe velocity of money. On the businessfront, it means companies can get paidmore quickly and manage their cashflows efficiently by holding onto funds forlonger before paying salaries or suppliers.And in society generally, it opens the wayto faster and more effective emergencypaymentsenabling, for example,

instantaneous financial transfers to thevictims of a natural disaster.

Payments in the era of theEveryday Bank



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Meet John and Jenny

John and Jenny are a young couplewho originally featured in AccenturesEveryday Payments6point of view. In

that paper, they had recently graduatedand were engaged to be married. In thispaper theyre now married and have ayoung family.

To mark their son Hugos secondbirthday, John and Jenny are holding abirthday party for Hugos friends and

their parents. Ahead of the event, Jennybooks a childrens entertainer, whostresses that he wants payment up-frontbefore performing. John was supposedto pick up some cash the night before,but had a last-minute crisis at work andforgot to visit an ATM on the way hometo get the money.

When the entertainer arrives at thehouse and finds John and Jenny do nothave the cash to give him, he is on thepoint of walking out. But fortunatelyJennys bank offers a mobile paymentsservice that provides immediate

availability of funds. Jenny transfersthe money to the entertainers mobilephone, he opens his box of magic tricksand the party goes with a swing.

PAYMEN

T

RECEIVE

DPAYMENTSENT

HAPPY BIRTHDAY!

HUGO



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As commerce around the world

continues to evolve into a 24x7 real-timeecosystem, there is growing pressure forpayments infrastructure to keep pacewith todays realities. But the process oftransacting payments has so far failed tostay abreast of advances and innovationsin business and technologyor with thechanges in consumers digital behaviorsand expectations. Accenture believes thefundamental requirement is the ability tomove money from one account to another

immediately, with certainty, convenienceand at low cost to all stakeholders. Thereality is that most existing paymentinfrastructures currently lack thiscapability, and most are not compatiblewith the online and mobile channels.

Patchy global progressfor immediate payments

While the growing demand for immediate

payments has triggered a global movetowards real-time payments systems,only a handful of countries currently havea real-time or near-real time paymentsinfrastructure in place. According to

VocaLink, at least 13 real-time systemshave been built or have gone intodevelopment over the past decade,including six which have been developedin the past three years alone7.

Examples include the UKs Faster

Payments Servicethe largest real-timepayment system in the world. Elsewhere,FAST (Fast and Secure Transfers) has gonelive in Singapore, Australia is seeking toimplement a New Payments Platform(NPP), and in September 2013, the UnitedStates Federal Reserve Banks released itsPayment System ImprovementPublicConsultation Paper and spent the lastyear conducting detailed research on waysto improve the United States payment

system in terms of speed, efficiency andsecurity8.

Shared factors drive

payments change acrossthe globe

As the characteristics and benefits ofimmediate payment infrastructures becomeclearer, there is increasing interest anddemand at all levels for immediatepayments. Among those countriescurrently holding industry consultationsor even taking the step to implementationincluding Finland, the USA, Australia, anda couple of markets in the Middle Eastthis interest has been reflected bystatements of the clear rationale formoving to immediate payments.

While the precise drivers for implementationvary between countries, there are a numberof shared factors driving change acrossdifferent markets, as highlighted some yearsago by the World Bank in Outcomes of theGlobal Payments Systems Survey 201010. Thereport identifies six key factors as having

played a significant role in triggering thereform of payment systems worldwidewith

the first three being the most importantreasons for implementation of immediate

payments infrastructure, in previous years:

The need to improve the overallefficiency of the payments system.

Responding to technological innovations.

The need to reduce systemic risk.

Demand from the markets for betterpayment and settlement systems.

Demand from end-users for betterpayment and settlement services.

Demand from government institutionsfor better payment services.

With implementations advancing and newimmediate payments infrastructures andservices rolling out, we believe the focusis now shifting to the last three of thesedriverswhich can be generally summedup as the growing demand from end-usersof payments services for better solutionsmore suited to their needs. As the newworld of immediate payments takes

shape, it isquite rightlythe customerswho will have the final say.

Market context: payments must catch upwith todays realities

Source: Vocalink9

FIGURE 3. Immediate payments deployments around the world

Brasil

Chile

Mexico

Nigeria

South Africa

India

Poland

Sweden

United Kingdom

Turkey

SwitzerlandJapan

Taiwan



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Across the world, the potential

advantages for all end-usersof all typesconsumers,businesses and governments/central banksare highlightedby industry consultationdocuments related to nationalimmediate payments proposals.

One example includes the recentinitiatives by the Federal Reserve Banks in

the United States (see sidebar below).

To summarize this and other industryconsultation documents related tonational immediate payments proposals,

we found that immediate payments

promise the following benefits for thevarious end-users:

Governments/central banks

Governments/central banks gain supportfor government agendas to replace cashand checks, and an opportunity to increasethe velocity of moneybringing positiveimplications for the entire economy. Areal-time infrastructure also makes iteasier to manage risk across the economycompared to batch infrastructure. Thetrue benefit is naturally dependent on thetype of settlement arrangement.

Businesses

Businesses gains the advantages ofimmediate payments functionalities forpayments to individualssuch as wagesor for settling customer claimsand forpayments to suppliers when they needto receive the value before releasing thegoods or performing the service. Immediatepayments also provide businesses with aviable alternative to checks.

The case for action:benefits for all users

In September 2013 the FederalReserve Banks (FRB) published online aPayment System ImprovementPublicConsultation Paper, stating that:

[] opportunity exists to improvespeed and efficiency of payments and

to maintain payment system safetyin the face of escalating threats. []ongoing innovation is necessary toensure safe, efficient, and accessiblepayments that support economicactivity and help maintain the globalcompetitiveness of the United States.11

Receiving over 200 responses, the FRBhas since completed several researchactivities to identify potential strategiesto improve the United States paymentsystem and advance its strategic direction.Those research activities included:

Faster Payments Assessmentahigh-level study of alternatives forspeeding up US payments, includingthe exploration of a near-real-timeretail payment system.

Business Case Assessmenta reviewof whether or not ISO 20022 adoptionis necessary for the US paymentsystem to remain interoperable andcompetitive with other markets aroundthe world.

Payments Security LandscapeStudyan assessment of the FederalReserves payment security goals, thepayment landscape in the US todayand the identification of weaknessesand opportunities that exist in the USpayment system.

In September 2014, the FRB announcedthat it plans to use research conclusionsand stakeholder feedback to prepare andshare in the coming months a roadmapfor payment system improvements.12

US government research and industry consultationfor a Payment System Improvement Roadmap



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A recent research study by

VocaLink into usage andperceptions of mobile paymentsamong consumers and SMEs,Immediate mobile payments:

The voice of the customer,13further reinforces the case forimmediate payments:

research reveals that the propositionoffers real value: consumers and sole

traders are prepared to pay for thisservice. Most of those who are excited bythe service envisage using it occasionallywhen convenience and immediacy aremost important. However, some viewthe service as electronic cash andenvisage using it extensively. It also seemslikely that occasional users will findthe service useful and convenient andwill increase usage as any doubt aboutsecurity is assuaged. As mobile phone

usage continues to proliferate, immediatemobile payments have the potential tobecome ubiquitous, initially among theyounger generation. Awareness is likely tobe disseminated virally: through word ofmouth and social networking sites as wellas bank recommendation.

The study adds that the only major

reservation felt about immediate mobilepayments relates to security. Peoplewant the convenience of immediatemobile payments but they also want tobe reassured that the service is secure, itcomments. Consumers are used to PINsand passwords and assume such securityprovides adequate fraud prevention.However, security measures must notbecome so cumbersome or prohibitiveto the extent that they impair the user

experience.

VocaLink study of immediate mobilepayments reinforces the business case



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John is helping his father buy anew car and accompanies him to acar showroom to test drive a fewmodels. His father is set on buyingone of them, but rather than lethim go away to think about it, thedealer offers him $1,000 off to buyit immediately, and in part exchangefor his existing car. The dealer wontaccept a credit card or debit cardfor such a high value purchase, but

Johns father uses his mobile bankingapp to transfer the funds from hissavings account to his bank account,and then a real-time payment fromhis bank account to the car dealer.The car dealer receives a confirmationhe has received payment, and Johnsfather drives out of the show room,the proud owner of the new car.

PAY NOW

PAYMENTRECEIVED SALE

New TT

CONTINUE

TRANSFER

from: 010

to: 101


In those countries that have

implemented immediatepayment schemes, the abilityto effect payments instantlyon a 24x7 basis has changedpayments usage patternsforever.

The UK has one of the worlds most matureimmediate payments environments,launching its Faster Payments Service

(FPS) in May 2008. By August 2014, over3.8 billion payments worth more than2.5 trillion have been processed throughFPS. The headlong growth in usage sawthe number of Faster Payments transactionsreach around one billion in 2013 alone14.

Ongoing growth involumes and value

The UK Payments Councils statistics forthe first two quarters of 2014 underlinethe success and ongoing growth of theFaster Payments Service.15The totalnumber of immediate payments in theUK grew 19% from the Q1 2013 to Q12014 (221 to 261 million) and 13% fromQ2 2013 to Q2 2014 (239 to 270 million).The combined value of Faster Payments

increased by 23% year-on-year to 212billion in the first quarter of 2014.

Four different kinds of payment can beinitiated via the Faster Payments Service.The statistics show that the strongestannual volume growth between Q1 2013and Q1 2014 was for Single ImmediatePayments16at 31%, followed by ForwardDated Payments at 9%. Standing Ordervolumes were the slowest-growingsegment, up by 7%. These varying relative

growth rates are driven by one-offpayments online, payments of credit cardbills and inter-account transfers.

Immediate payments in action:the UKs Faster Payments Service


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Source: Faster Payments Scheme Ltd

FIGURE 5. The volume of Single Immediate Payments sent into the system at regular intervals during the day across a typical week

0

40000

60000

100000

140000

200000

SAT

SAT

SAT

SAT

SUN

SUN

SUN

SUN

ON

ON

ON

ON

TUE

TUE

TUE

TUE

ED

ED

ED

ED

THU

THU

THU

THU

FRI

FRI

FRI

FRI


Trends of usage overthe day and week

Users are increasingly initiating paymentsoutside of traditional banking hours. Overhalf of all Single Immediate Payments arenow executed outside of 9-5, Monday toFridayas demonstrated by Figure 4

which shows the volume of SingleImmediate Payments sent into the systemat regular intervals during the day acrossa typical week. A shift has also occurredin users increasingly making transfers overthe weekend rather than during traditionalworking hours, as Figure 5 shows.

Overall, this reflects the growth in use ofmobile devices, enabling people to makepayments any time, any place. Overlayservices such as Payma mobile paymentsservice launched in the UK in April2014leverage this further.17

with evolution inpayments sources andtypes

The types of payment being conductedusing the UKs Faster Payments Serviceare also evolving. The current trends

underlining that usage extend far beyondperson-to-person payments, withforexamplerising volumes of government-initiated benefit payments going throughthe Faster Payments Service. Businessesare increasingly using immediate paymentsfor staff salaries, enabling them to holdonto the funds for longer before doing

the payroll run, as well as for supplierpaymentsenabling the move to justin time stock management, reducingthe amount of working capital tied up inunutilized stock.

FIGURE 4. Faster Payments Usage during a typical 24 hour weekday flow

Source: Faster Payments Scheme Ltd

Single immediate payments (sending)

40000

80000

120000

160000

200000

01 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Hour

TXN count


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The benefits that users

are already realizing fromimmediate payments systemsare just the start. In addition tothe advantages described above,a reliable and efficient real-timefunds transfer mechanism withreal-time information flow isa vital building block for thecreation of new, innovative

digital payments methods.

The New Payments Platform (NPP) in

Australia is an example of an immediatepayments system where the potentialfor future innovation is being built intothe original design. According to theAustralian Payments Clearing Association(APCA)18, the NPP infrastructure willprovide Australian businesses andconsumers with a fast, versatile, data-rich payments system for making theireveryday payments (see Figure 6). It willalso allow payments to be made quickly

between financial institutions and their

customers accounts, and enable funds

to be accessible almost as soon aspayment is received, even when the payerand payee have accounts at differentfinancial institutions. APCA adds that themulti-layered infrastructure has beendesigned to promote competition anddrive innovation in payment services,thus ensuring the NPP will be equipped tomeet the evolving needs of Australians inthe digital ageand beyond.

Digital payments innovation:paving the way for future services

Source: APCA19

FIGURE 6. Australias New Payments Platform (NPP) core components

$$$$$ $ $

Payers & Payees

Instant Mobile Car Sales Land Auction

NPP

(inc. central bank settlement)

Pension Rollover etc

HIGH

LOW

Integration/Ubiquity

Users

Providers

Overlays

Infrastructure

LOW

Diversity/Contstability

HIGH



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As weve described, immediate

availability of value is keyfor immediate paymentsinfrastructure to deliver fullpotential benefits to users. Inour view, banks need to takethis imperative on boardandchange their mindset to view theimmediate payments opportunityfrom the perspective of an

Everyday Bank and/or EverydayPayments Provider.

Accentures Everyday Paymentspoint of view24sets out avision for how banks can avoidbeing relegated to the statusof mere providers of dumbtransactionsand instead

occupy a position as a truepartners at the heart of theirconsumers lifestyles. Embracingimmediate payments in theirtruest sense will be key toachieving this positioning.

Understanding how a real-time

system can benefit the keystakeholders and what thecommercial benefits will be arecrucial to the business case.Immediate payments will bethe backbone to successfulinnovation for banks and theadoption of this capability is anatural step in their evolution

as they look to stand theirground against new and non-traditional entrants.

The opportunity is there, andwe believe banks must seize it,or face losing relevanceandultimately revenues.

A call to action for banksand a change of mindset

John and Jenny are on holiday inVenice. They plan to take a privateboat tour and open the Hez!Presto!app on Johns mobile. Hez!Presto! isan immediate crowd-sharing appone of the latest new business modelsto hit the digital scene, enabling usersto pool payments instantaneously toshare an experience unique to them,such as pop-up street performancesor meals, shared taxi rides, or car

sharing. In this case, John selects aprivate boat tour for 12 people for600 euros, and the app broadcastsan invite for others to join. Withinfive minutes, ten nearby tourists havesigned up, so the app automaticallycollects 50 euros from each andsummons the tour. The boat arrives,Hez!Presto! credits the combinedpayments in real time to the boatowners bank account, and five

minutes later John and Jenny areheading up the Grand Canal withtheir new-found companions.

HEZ! PRESTO!

EVENT

CONFIRMED!

CONFIRMED

HEZ! PRESTO!

HEZ! PRESTO!

create an event

Venice



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1Source: The estimate of one-third of

banking revenues at risk is based on ananalysis of Western European bankingrevenue pools under the scenario ofcontinued digital disruption and limitedresponse from traditional banks. See also:http://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/.

2Source: Accenture analysis for theEveryday Bank: See page 3 of

http://www.accenture.com/microsite/everydaybank/Documents/media/EverydayBank-POV.pdf.

3Source: http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Everyday-Payments.pdf.

4Source: http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/

5

Source: http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/

6Source: http://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspx

7The number of real-time systems inexistence varies, owing to definition andcategorisation. In this paper, real-timepayment systems are defined as an

interbank account-to-account paymentthat is posted and confirmed to theoriginating bank within one minute, sothe payee received and can use the valueinstantly and payer has confirmation ofthe status of the transaction. These typesof systems are also categorised ascentralised, national payment systems.

8http://www.bankingtech.com/wp-content/

blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdf.

9http://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdf.

10World Bank. 2011. Payment SystemsWorldwideA Snapshot: Outcomes of theGlobal Payment Systems Survey 2010.World Bank, Washington, DC. World Bank.https://openknowledge.worldbank.org/

handle/10986/12813. License: CC BY 3.0Unported.

11http://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdf(p1).

12http://fedpaymentsimprovement.org/wp-content/uploads/final-phase-research-press-release.pdf.

13http://www.vocalink.com/about-vocalink/industry-research.aspx.

14Source: http://www.fasterpayments.org.uk/press-release/faster-payments-sets-new-record-end-tax-year-rush.

15UK Payments Council QuarterlyStatistical report, 23 May 2014.http://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdf.

16For explanation of the different kinds ofpayment, please refer tohttp://www.fasterpayments.org.uk/about-us/benefits-faster-payments.

17http://www.paym.co.uk .

18http://www.apca.com.au/about-payments/future-of-payments/new-payments-platform.

19http://www.apca.com.au/about-

payments/future-of-payments/new-payments-platform.

20http://www.paymentscouncil.org.uk/media_centre/press_releases/-/page/2878/.

21http://www.zapp.co.uk .

22http://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/.

23Source: http://www.blog.sagepay.com/sage-pay-wins-zapphack-revive-retail-hackathon.

24http://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspx.

Notes

http://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/http://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/http://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/http://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/http://www.accenture.com/microsite/everydaybank/Documents/media/EverydayBank-POV.pdfhttp://www.accenture.com/microsite/everydaybank/Documents/media/EverydayBank-POV.pdfhttp://www.accenture.com/microsite/everydaybank/Documents/media/EverydayBank-POV.pdfhttp://www.accenture.com/microsites/everydaybank/Pages/index.aspxhttp://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Everyday-Payments.pdfhttp://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Everyday-Payments.pdfhttp://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Everyday-Payments.pdfhttp://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttps://openknowledge.worldbank.org/handle/10986/12813https://openknowledge.worldbank.org/handle/10986/12813http://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/final-phase-research-press-release.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/final-phase-research-press-release.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/final-phase-research-press-release.pdfhttp://www.vocalink.com/about-vocalink/industry-research.aspxhttp://www.vocalink.com/about-vocalink/industry-research.aspxhttp://www.fasterpayments.org.uk/press-release/faster-payments-sets-new-record-end-tax-year-rushhttp://www.fasterpayments.org.uk/press-release/faster-payments-sets-new-record-end-tax-year-rushhttp://www.fasterpayments.org.uk/press-release/faster-payments-sets-new-record-end-tax-year-rushhttp://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdfhttp://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdfhttp://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdfhttp://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdfhttp://www.fasterpayments.org.uk/about-us/benefits-faster-paymentshttp://www.fasterpayments.org.uk/about-us/benefits-faster-paymentshttp://www.paym.co.uk/http://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.paymentscouncil.org.uk/media_centre/press_releases/-/page/2878/http://www.paymentscouncil.org.uk/media_centre/press_releases/-/page/2878/http://www.zapp.co.uk/http://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/http://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/http://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/http://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/http://www.blog.sagepay.com/sage-pay-wins-zapphack-revive-retail-hackathonhttp://www.blog.sagepay.com/sage-pay-wins-zapphack-revive-retail-hackathonhttp://www.blog.sagepay.com/sage-pay-wins-zapphack-revive-retail-hackathonhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.blog.sagepay.com/sage-pay-wins-zapphack-revive-retail-hackathonhttp://www.blog.sagepay.com/sage-pay-wins-zapphack-revive-retail-hackathonhttp://www.blog.sagepay.com/sage-pay-wins-zapphack-revive-retail-hackathonhttp://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/http://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/http://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/http://www.zapp.co.uk/blog/2014/06/zapphack-london-2014-calling-retail-and-fintech-innovators-to-help-us-reviveretail/http://www.zapp.co.uk/http://www.paymentscouncil.org.uk/media_centre/press_releases/-/page/2878/http://www.paymentscouncil.org.uk/media_centre/press_releases/-/page/2878/http://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.apca.com.au/about-payments/future-of-payments/new-payments-platformhttp://www.paym.co.uk/http://www.fasterpayments.org.uk/about-us/benefits-faster-paymentshttp://www.fasterpayments.org.uk/about-us/benefits-faster-paymentshttp://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdfhttp://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdfhttp://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdfhttp://www.paymentscouncil.org.uk/files/payments_council/free_industry_statistics/2014/payments_council_statistical_release_q1_2014.pdfhttp://www.fasterpayments.org.uk/press-release/faster-payments-sets-new-record-end-tax-year-rushhttp://www.fasterpayments.org.uk/press-release/faster-payments-sets-new-record-end-tax-year-rushhttp://www.fasterpayments.org.uk/press-release/faster-payments-sets-new-record-end-tax-year-rushhttp://www.vocalink.com/about-vocalink/industry-research.aspxhttp://www.vocalink.com/about-vocalink/industry-research.aspxhttp://fedpaymentsimprovement.org/wp-content/uploads/final-phase-research-press-release.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/final-phase-research-press-release.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/final-phase-research-press-release.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdfhttp://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdfhttps://openknowledge.worldbank.org/handle/10986/12813https://openknowledge.worldbank.org/handle/10986/12813http://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.bankingtech.com/wp-content/blogs.dir/94/files/2014/04/VocaLink_Supplement_low_res_Complete.pdfhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://www.accenture.com/microsites/everydaybank/Pages/everyday-bank-payments.aspxhttp://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://paymentsviews.com/2013/05/01/immediate-funds-transfers-are-happening/http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Everyday-Payments.pdfhttp://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Everyday-Payments.pdfhttp://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Everyday-Payments.pdfhttp://www.accenture.com/microsites/everydaybank/Pages/index.aspxhttp://www.accenture.com/microsite/everydaybank/Documents/media/EverydayBank-POV.pdfhttp://www.accenture.com/microsite/everydaybank/Documents/media/EverydayBank-POV.pdfhttp://www.accenture.com/microsite/everydaybank/Documents/media/EverydayBank-POV.pdfhttp://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/http://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/http://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/http://bankingblog.accenture.com/retail-banking-revenues-at-risk-how-real-is-the-threat-of-digital-disruption-to-retail-banks/


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ABOUT ACCENTURE

Accenture is a global managementconsulting, technology services andoutsourcing company, with more than293,000 people serving clients inmore than 120 countries. Combiningunparalleled experience, comprehensivecapabilities across all industries andbusiness functions, and extensive research

on the worlds most successful companies,Accenture collaborates with clients tohelp them become high-performancebusinesses and governments. The companygenerated net revenues of US$28.6 billionfor the fiscal year ended Aug. 31, 2013. Itshome page is www.accenture.com

ABOUT VOCALINK

VocaLink is a global payments partner reliedon by financial institutions, corporates andgovernments to provide high availabilityand resilient payment solutions. Weoperate world class leading paymentclearing systems and ATM switchingplatforms which underpin the majorityof UK electronic paymentswe provide a

national grid for payments. Our provencapability of implementing real timepayment systems in the UK has led to thedevelopment of immediate paymentsolutions for other countries. Our platformshave made it easier to make paymentsconfidently, securely and cost effectively.Last year we processed over 10 billiontransactions with a value of 5 trillion.

We provide the platform for Bacs and theCurrent Account Switch Service; the real-time platform for the Faster PaymentsService; and the LINK ATM Network,giving businesses and consumers simple,instant and reliable ways to access andmove money. We are also at the forefrontof mobile payments and Zapp, the UKsleading mobile payment innovation,is empowering consumers to be ableto make secure real-time consumer tomerchant payments through existingmobile banking services.

VocaLink is Central Banking Payments andClearing Technology Provider of the Year.

ABOUT ACCENTURE

PAYMENT SERVICES

Accenture Payment Services, a businessservice within Accentures FinancialServices operating group, helps banksimprove business strategy, technologyand operational efficiency in three keyareas: core payments, card payments anddigital payments. Accenture PaymentServices and its more than 4,500professionals dedicated to help bankssimplify and integrate their paymentssystems and operations to reduce costsand improve productivity, meet newregulatory requirements, enable newmobile and digital offerings, and maintainpayments as a revenue generator. Morethan 50 clients worldwide have engagedAccenture Payment Services to help themturn their payment operations into high-

performing businesses. To learn more, visitwww.accenture.com/paymentservices

The team would like to note that Pat Patel from VocaLink significantlycontributed to this point of view.

To find out more about immediate payments, please contact:

Jeremy LightAccenture Payment Services

[email protected]

Luigi ZanghelliniAccenture Payment [email protected]

Paul StoddartVocaLink Strategy and Business

[email protected]

Kris KubienaVocaLink Proposition [email protected]

Contact us

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