We live in impatient times – everyone wants to be able to pay who they want when they want, instantly and regardless of location. The UK has had instant payments since 2008; Faster Payments volumes have exceeded all predictions and now exceed 135 million per month. The push towards real time is global. In Europe, instant payments are progressing on several fronts, driven by regulations and market-led initiatives. The second Payment Services Directive (PSD2) will increase competition, drive innovation and open up new business models, while market initiatives such as ISO 20022 and the Eurosystem 2020 vision promote standardisation and interoperability.
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