Immediate settlements drive e-commerce scalability worldwide

Most countries are looking at implementing real time payment clearing systems.

The rise of real-time payments are rapidly becoming the new standard for payment systems worldwide. According to Prasad Varadkar, Executive Director at Mindgate, this innovation is crucial for driving the scalability of e-commerce.

During Sibos 2024 in Beijing, he emphasised the importance of immediate settlements, which allow transactions to be completed in just a few seconds. “When somebody pays, the other person receives it in a few seconds. I think real-time payments are the paradigm shift with payments.”

Mindgate processes 300 million payment transactions per day across various real-time payment (RTP) schemes, positioning itself at the forefront of this industry shift.

Banks worldwide are working towards meeting the 2025 deadline for full compliance with ISO 20022 standards. “In terms of payments, we have the upcoming full compliance to ISO 20022 that has been mandated across the globe,” Varadkar explained. Mindgate is actively helping its banking clients prepare their systems to meet this requirement.