If you were a Danish bank customer transferring money between accounts on 21 November last year, you may have noticed a change. Instead of having to wait a half or a full banking day for your money to be transferred, the money was suddenly transferred within seconds, or, as they say, in real time.
No need to wait for the banks' office hours to begin either – with RealTime24/7, money can be transferred at all hours and be instantly available. Real-time payments in Denmark are mainly used for P2P (peer-to-peer) mobile payments and person-to-merchant payments, areas in rapid growth.
Industry recognition and customer satisfaction
RealTime24/7 has been shortlisted for the Banking Technology Awards 2015 in the category 'Best Industry Infrastructure Initiative' along with Bankenes Standardiseringskontor (BSK) and BankID Norge.
"We're very excited about RealTime24/7 being shortlisted for the Best Industry Infrastructure and the industry recognition it represents. But most of all, we're pleased to see how bank customers have welcomed the possibility of transferring money between accounts instantly. It's a unique clearing solution in Denmark and an important part of the role Nets play in the payments value chain, connecting banks, businesses, the public sector and consumers to a simpler, smarter and, not least, innovative way of doing business," says Paul Francis Walvik-Joynt, Engagement Director at Nets.
The introduction of real-time clearing in Denmark is the last step in a major modernisation of the Danish infrastructure for payment solutions which started in 2010. The gradual modernisation is the result of close collaboration between Denmark's central bank, the Danish banks and Nets, which is also the supplier and operator of other clearing systems for the banks.
RealTime24/7 is based on best practises for real-time, international financial messaging standards, a modern flexible architecture and ample opportunity to scale and extend functionality in the solution. This makes it readily adaptable to specific conditions and requirements that apply in different countries:
"Speed and instant access are sought after globally when it comes to payment solutions, and we are experiencing substantial interest in our RealTime24/7 clearing solution, both within Europe and globally," says Paul Francis Walvik-Joynt, . "Very low costs for bank implementation, less than 14 months from start to operation, average processing times of less than 20 milliseconds and the fastest uptake for a real-time infrastructure seen globally yet are all contributing factors to this interest". "There are a number of good reasons that the banking sector around the world should take the opportunity and move forward with RealTime24/7 now. Speed is of essence, the pace at which services can be delivered on the platform is tremendous, and our product is the enabler to succeed fast in the real time world of today," says Paul Walvik-Joynt.
Nets in good company
Banks from around the world are among the candidates for the Banking Technology 2015 Awards, showing the continuing competitive edge regional institutions are gaining over large international players.
The 16th annual Banking Technology Awards, taking place in London on 11 November, has been established as the premier event recognising excellence in the use of IT in financial services. The institutions have been selected from more than 120 entries, and a total of 36 entries have been nominated in 9 categories. The event will also name the CIO of the Year and the IT Team of the Year, among others.
Nets A/S is a trusted Nordic IT-company with a market-leading position in Northern Europe, connecting banks, businesses, the public sector and consumers via an international network which facilitates the management of digital money, identities and information – what we call 'digital values'. The company, based in Copenhagen and with offices in Norway, Finland, Sweden and Estonia, had in 2014 an operating profit before depreciation and amortisation of 1,252mDKK.
Paul Walvik-Joynt, Engagement Director, Clearing Services, Nets A/S, tel. +47 9174 2680
Read the press release from Banking Technology Awards 2015 here.