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 authorizing, clearing, and settling a payment are but one layer of a robust fast payment system. Atop them lies a variety of overlay services that can improve product value, prevent fraud, broaden adoption, and drive the overall success of the fast payment system.
In this webinar, Colin Colter (Payments Consultant, World Bank) and Claudio Ceresani (Senior Payments Consultant, World Bank) discuss the role of overlay services (in particular request-to-pay and confirmation of payee) in fast payment systems, how they help build trust and adoption of an FPS, and how to operationalize them at the system level.