Real-Time Payments to Drive Revenue Growth and Provide Launchpad for Innovation, According to More than 80 Percent of Bank Executives in New ASEAN Benchmark Data
ASEAN spending growth outpaces other regions, as financial
institutions seek to leverage real-time payments for payments
modernization and innovation, per new benchmark data from Ovum and
ASEAN member states, driven by market forces and developments in the
Enthusiasm for real-time payments, a clear understanding of the benefits of open APIs – used to connect banking services with instant payment-enabled services – and proactive collaboration between central infrastructures and banks put the ASEAN region in a strong position to realize multi-currency, cross-border real-time payments.
Principal study findings include:
Real-time payments will enable innovative new service offerings and drive revenue growth
- 82 percent of respondents feel that real-time payments will drive revenue growth for their organizations and 77 percent say they will save money.
86 percent of respondents overall (100% in
Vietnamand Malaysia) believe that real-time payments have, or will, improve their customer services, and 89 percent have developed or are developing new services for consumers based on instant payments.
- 78 percent of ASEAN institutions think that real-time payments will replace the use of payment cards over time.
Clear understanding of benefits of open APIs amongst ASEAN banks
97 percent of respondents in ASEAN agree that the business benefits of
open APIs are clear, versus 90 percent globally and 88 percent across
ASEAN banks are less clear on strategies for the creation of open APIs
for third-party use – 84 percent compared to 87 percent globally and
91 percent in
ASEAN spending growth outpaces other regions
64 percent of ASEAN financial institutions forecast investment in
payments to increase in the next 18-24 months, compared to 56 percent
in the broader
Asiaregion and 53 percent globally.
Planned payments investment varies widely across ASEAN; 53 percent of
Singaporeexpect investment to increase a lot (5+%) compared to 30 percent in Indonesiaand 13 percent in Malaysiaand Thailand.
- Reducing total cost of ownership is a top three investment priority for most respondents (47%), with a move away from in-house development toward customized third-party software or off-the-shelf vendor solutions (from 8% to 13% over the next 2 years).
“Short-term investment plans are setting the base for long-term,
strategic developments, as many organizations address core ‘hygiene’
factors to create a sound platform for payments innovation,” said
“The rapid development of real-time payments – in
* Methodology and Demographics:
For the 2018
Overall, the 2018
The aim of the survey was to understand the current attitudes, business objectives and operational pain points facing each respondent company, in turn creating a unique viewpoint on the role that investments in payments technology will underpin both the immediate and future objectives of each institution.
The main topics of focus for the survey include:
- IT investment plans around payment services
- Core business objectives and priorities
- Payment systems architectures including SaaS
- Plans and experiences around both open banking and real-time payments
Fieldwork ran between
This paper focuses on the survey findings for banks in the ASEAN region. For more details about the findings, please visit www.aciworldwide.com for further information.
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