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;
no internal business vase buy-ins;
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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