Regulatory Fragmentation and Real-Time Payments
There is a lively debate on whether the modern real-time payment infrastructures came into being through regulation or out of commercial necessity and end-user demand. Although regulators are almost always involved in a catalyst role, the extent varies considerably.
Regulatory mandate is quite clear in some geographies (Mexico, Hungary, India), but not in others (Sweden, Denmark). Most geographies falling somewhere in the middle ground of regulators offering encouragement to varying degrees (Singapore, Australia) and passing legislation that encourages adoption of real-time payments as one of several possible options.
Yet, it is undeniable that even in the absence of an enforceable mandate, regulations (and regulators) play a key role in shaping the creation of the real-time payment schemes and are a key factor in how these schemes evolve.
Our new whitepaper: “Regulatory Fragmentation and Real-Time Payments” explores these ideas in more detail.