A Report by CYS Global Remit FinTech Development Unit
In our latest dive into the dynamics of the financial landscape, we spotlight a crucial challenge hindering the seamless adoption of real-time/instant payments by Financial Institutions (FIs).
At the forefront of these challenges stands the formidable legacy infrastructure, registering at 32%, a slight drop from 2021's 36%. This dip signifies a positive shift, showcasing the ongoing modernization within the industry. However, it's imperative to recognize that the realm of legacy infrastructure extends beyond payment systems. To truly unlock the potential of instant payments, FIs must address a spectrum of factors such as real-time limit checks, sanctions, and booking, creating a holistic and efficient end-to-end process.
In a world that operates 24/7/365, focusing solely on payment systems is a myopic approach. Comprehensive consideration of the entire secondary infrastructure process is paramount. Complacency finds no room here; it remains a top priority demanding relentless attention. Lagging not only draws disapproval from the industry and peers but, more significantly, from the customers themselves.
CYS Global Remit's Strategic Imperative: Enhancing IT Infrastructure for Real-Time Excellence
Recognizing the pivotal role of infrastructure diversity, CYS Global Remit sets a clear course for the future. Our top priority in the upcoming year revolves around a robust enhancement of our IT infrastructure. This strategic move aligns with the challenges posed by real-time payments, necessitating not just swift transactions but also real-time compliance checks.
As we embrace this journey, there's a commitment to not only meet industry standards but to surpass them. CYS' aim is not merely to keep pace with change but to lead it.
In conclusion, the realm of real-time payments demands not just an evolution but a revolution in infrastructure. With CYS Global Remit at the helm, we're not just navigating change; we're steering the course towards a future where real-time isn't just a feature but a way of financial life.