Also known as instant or real-time payments, fast payments are characterized by the instant transmission of the payment message and by the immediate availability of funds to the beneficiary on a 24/7/365 basis. But what happens when something goes wrong? Who is responsible when a payment is made in error, and how is that responsibility scaled across an entire jurisdiction of payments activity?
In this webinar, Colin Colter (Payments Consultant, World Bank) and José Antonio García García Luna (Senior Payments Consultant, World Bank) discuss the importance and nuances of dispute resolution mechanisms (DRM) in fast payment systems, how they build trust and help settle inter-participant conflict, and various jurisdiction case studies of how they can work in the real world.