PYMNTS.com have been exploring the likely impact of a move to Faster Payments in the US. As a part of this, the publication has been looking at markets with more mature faster payments services, such as the UK. In this article, our CEO, Myles Stephenson, advises PYMNTS.com on the benefits of transparency and real-time payments for B2B transactions.
“Faster Payments enables better customer service, efficiency and treasury management, and there’s a vast range of scenarios where a business is likely to embrace it. The two most likely drivers come down to either a business’s need for speed, or a need for certainty of payment — or both.”
Myles Stephenson, CEO, Modulr
Myles goes on to explain that, in the UK, gaining technical access to Faster Payments continues to be a key barrier to adoption. This has resulted in the emergence of new API-driven Faster Payments services, which can onboard a new business in days, while providing specific SLAs (service level agreements) around the quality and availability of the service they offer.