IR a leading global provider of performance management and analytics for unified communication and collaboration, IT infrastructure, and payment ecosystems, announced the launch of their new product – Real-Time Payments, as an extension to the existing IR Transact suite. This will enable businesses to modernize their payment processes and increase financial transparency.
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The growth in non-cash transactions has been phenomenal driving more reliance on digital and real-time payments since 2020. The COVID-19 pandemic dramatically accelerated this trend triggering real-time payment schemes across the globe. [1]A surge of 41% increase in real-time payments was observed during the pandemic. Globally, governments are providing an impetus to increase digital transactions.
IR’s Real-Time Payments product simplifies the complexity of managing real-time payments for businesses. It enables detailed tracking of payment flows and monitors abnormal patterns instantly. The solution can utilize analytics to identify and respond to data patterns proactively – be it 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 payment ecosystem. At IR, we fully understand that monitoring and analyzing the resulting data volumes can be a hurdle to overcome in this digital transformation journey. Our Real-Time Payments product ensures that any outages or slowdowns are identified and resolved quickly to meet Service Level Agreements (SLAs),” said David Guiver, Head of Transact Products, IR. “The product ensures better management of finances minimizing fines to the extent possible and uncovers emerging trends informing better business decisions.”
Real-time payment schemes are being introduced across countries. [2]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 ride this growth wave by ensuring the health of payment systems in a timely manner.