Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Real-Time-Processing
Real-time processing/online processing: The direct processing of a card transaction at the time of purchase or immediately after the purchase at e.g. an online shop.
Instant payment systems
Consumers today are accustomed to real-time communication at all times thanks to the permanent availability of smartphones and other networked devices. This has also fostered the importance of instant payment systems that allow services to be used immediately. The move to instant payment systems underscores the transformation taking place in the financial services industry.
Problem for the banks
For traditional banks, the penetration of these new providers poses a problem. Payment services are an important line of business for customer relationships and ultimately for market share and revenues.