U.S. and European partnerships accelerate real-time payments

Real-time payments have continued to grow so far in 2024, with several developments rolling out in different countries around the world. Angola, for example, has taken its first foray into the real-time payments space a step further.

After launching the first phase of its 24/7 real-time payment system in October 2022, allowing payments made with Multicaixa debit cards to be reflected in bank accounts the next business day, the National Bank of Angola recently announced: We have announced an expansion of our services including: Trading took place on Friday and Saturday mornings. The bank hopes to expand this capability as mobile banking channels continue to grow in popularity across the United States, and plans to offer real-time payment operations on Sundays and holidays in the near future.

In Europe, Visa and RevoluPAY have teamed up to introduce Visa Direct, a new solution that allows RevoluPAY customers to send and receive instant payments to and from individuals using RevoluSEND. This operational solution covers the European Economic Area and allows users to confirm transactions by simply filling out a form with the beneficiary’s Visa card or account details. Once this is complete, the transaction progresses in real time.

Meanwhile, Canadian businesses can now receive customer payments in real-time through the beta version of Flinks Pay, a new instant payments service from open banking platform Flinks. Flinks Pay’s user interface allows customers to accept her eTransfer requests and make payments directly from their devices. A full release is expected later this year and will include features such as standard electronic funds transfer (EFT) payments, recurring payments, credit card payments, and guaranteed real-time EFT payments.

The United States has traditionally been slow to make progress in the real-time payments space, but many companies are looking to accelerate real-time innovation. Mastercard and The Clearing House (TCH) recently announced a multi-year extension of their payments partnership, continuing Mastercard’s continued role as the exclusive provider of instant payments software for TCH’s RTP® network.

”Real-time payment world map” Collaboration with. clearing houseNow, we will investigate the situation of real-time payments in various countries around the world and how they compare with each other.