Asia’s real-time payments surge, but gaps persist: StanChart
One common challenge is reconciling payment data, where mandatory fields needed in one country’s transactions differ from those in another
[SINGAPORE] Asia is leading the world in real-time and digital payments, but regulatory fragmentation and interoperability challenges are preventing businesses from fully capitalising on this growth, said a senior Standard Chartered (StanChart) executive.
Michael Spiegel, StanChart’s global head of transaction banking, told The Business Times: “While there has been significant progress over the past few years, specific gaps include challenges related to identity verification, fraud prevention measures, and consumer protection across different jurisdictions.”
For instance, one common challenge is reconciling payment data, where mandatory fields needed in one country’s transactions differ from those in another.
