Instant Payments Is Key Advantage for European Firms

By | April 7, 2022
According to the finance expert and the Head of Product at Bottomline Frederic Viard, businesses in Europe should pay attention to instant payments, as it will soon become the new normal. Viard believes that it is the key advantage for every firm, especially after the new legislative initiative from the EU Commission. Follow the GBC Time magazine for more financial news.

The data from the latest Bottomline poll also shows that while only 32% of banks and financial institutions have already implemented instant pay, the other 20% are looking to start the implementation and 28% have already started planning.

The process of implementing instant payments requires planning, investments, and determination. So, many companies refuse to addd this feature. Viard claims that several obstacles keep financial firms from implementing instant pay right now, such as:

lack of IT resources;
busy roadmap;
no internal business vase buy-ins;
legacy infrastructure;
high cost of implementing a new payment method.

Nonetheless, if the EU Commission launches new regulation, all firms will add instant pay to stay on top of the competition. So, it is better to plan this no when there’s no hustle.

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