The solution provides real-time visibility for better cash management and extracts actionable insights from complex transaction data patterns. Banks and financial institutions can benefit from providing a better customer experience and making more informed, data-driven business decisions.
SYDNEY, Apr. 4, 2022 /PRNewswire/ — IR (ASX:IRI), a leading global provider of performance management and analytics for unified communications and collaboration, IT infrastructure and payment ecosystems, today announced the launch of their new product – Real-Time Payments, as an extension of the existing IR Transact suite. This allows companies to modernize their payment processes and increase financial transparency.
The growth of non-cash transactions has been phenomenal, driving more reliance on digital and real-time payments since 2020. The COVID-19 pandemic has dramatically accelerated this trend, leading to real-time payment schedules around the world. A 41% increase in real-time payments was observed during the pandemic. Governments worldwide are giving an impulse to increase the number of digital transactions.
IR’s Realtime Payments product simplifies the complexity of managing real-time payments for businesses. It enables detailed tracking of payment flows and immediately monitors abnormal patterns. The solution can use analytics to proactively identify and respond to data patterns, whether it’s early detection of system slowdowns or improving service levels.
“Speed, choice and efficiency are key benefits driving a major change in the global real-time payments ecosystem. At IR, we fully understand that monitoring and analyzing the resulting volumes of data can be a hurdle to overcome in this digital transformation journey. -Time Payments product ensures that any outages or delays are identified and resolved quickly to meet Service Level Agreements (SLAs),” said David Guiver, head of Transact Products, IR. “The product enables better management of finances, minimizing fines as much as possible and discovering new trends that lead to better business decisions.”
Real-time payment schedules are being introduced in all countries. The compound annual growth rate (CAGR) for real-time payments is projected to be 23.6 percent from 2020 to 2025. IR’s Real-Time Payments product benefits customers to follow this growth wave by ensuring the health of payment systems in a timely manner.
 Global real-time payment transactions up 41 percent in 2020 as COVID-19 pandemic accelerates shift to digital payments – new ACI Worldwide Research reveals | Business Wire
 ACI Worldwide Research previously referenced