Payment Transaction Changes causing Banks to Re-examine their Technology

FinTech Podcast by IR

In the next two years, new rules are taking effect that will change the way payments are handled. If you’re paying a bill or transferring money from one bank account to another, it typically takes three days until the transaction is finalized. After the new changes take effect, it will take a matter of seconds. It’s a huge change, and it means that banks are going to have to re-examine their technology to make accommodations.