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Real-time payments are driving Bank online payment systems

In the modern world, everyone wants to buy everything they can. The new real-time payments banking technologies are helping consumers achieve their goals. In an interview with the chef and chief corporate development officer of Nuvei, Neil Erlick shared his view on the topic.

According to him, there is rais in transitions in the banking system. This rise is due to the newfound options by costumes that banks are allowing them to use. These features were out of reach to general consumers before but not anymore, he says.

To make a purchase from a store in the old system, the consumer only had two options. They can either make payment by automated clearing house (ACH) rails or online check. But for that, they need the routing numbers to form the checkbooks.

The extra technicalities make the procedure difficult. The majority of the online consumer base either doesn’t have a checkbook or doesn’t know where to find the routing number, Erlick says.

With the online bank transfer facility, consumers can purchase online with their username and password registered with the bank. With this, they can do business every day and transfer money with ease.

The increasing trust in Real-time payments brought a revolution in the banking sector. But there is still hesitation in merchants to use the new technologies.

Here is where Nuvei comes in, offering online bank transfer services on a B2B basis. They advise the merchants where to place the transfer tags for their business. Erlick said they are invisible to customers but trying to increase merchant acceptance. They are educating the business to encourage them to online transitions.

Nuvei is also the first company that provides real-time payments with an exclusive partnership with Plaid. Plaid is the first gaming company to push its hand in this domain.

According to Erlick, merchants want instant real-time payments to make their business smooth. All the bank’s society must venture toward the goals unanimously.

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