IR’s real-time payments product to improve organizations’ financial and business efficiency

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  • The solution provides real-time visibility for better cash management and derives actionable insights from complex transactional data models.
  • Banks and financial institutions can benefit from providing a better customer experience and making more informed business decisions based on data.

SYDNEY, April 4, 2022 /PRNewswire/ — IR (ASX:IRI), a leading global provider of performance management and analytics for unified communication and collaboration, IT infrastructure and payment ecosystems, today announced the launch of its new product – Real-time payments, as an extension of the existing IR Transact suite. This will allow companies to modernize their payment processes and increase financial transparency.

The growth of non-cash transactions has been phenomenal, driving a greater reliance on digital and real-time payments since 2020. The COVID-19 pandemic has dramatically accelerated this trend by triggering real-time payment systems across the world. [1]A 41% increase in real-time payments has been observed during the pandemic. Globally, governments are giving impetus to increase digital transactions.

IR’s real-time payments product simplifies the complexities of managing real-time payments for businesses. It allows detailed monitoring of payment flows and instantly monitors abnormal patterns. The solution can use analytics to proactively identify and respond to data patterns, whether it’s early detection of system slowdowns or improving service levels.

“Speed, choice and efficiency are key benefits driving a major shift in the global real-time payments ecosystem. At IR, we fully understand that monitoring and analyzing the resulting volumes of data can be a hurdle to overcome in this digital transformation journey. Our Real-Time Payments product ensures that any outages or slowdowns are identified and resolved quickly to meet Service Level Agreements (SLAs),” said David Guiver, Head of Transaction Products, IR. “The product provides better financial management by minimizing fines wherever possible and reveals emerging trends informing better business decisions.”

Real-time payment systems are introduced in all countries. [2]The compound annual growth rate (CAGR) for real-time payments is expected to be 23.6% from 2020 to 2025. IR’s real-time payments product enables customers to take advantage of this wave of growth by ensuring the health of timely payment systems.

[1] Global Real-Time Payments Transactions Grow 41% in 2020 as COVID-19 Pandemic Accelerates Shift to Digital Payments – New Global Research from ACI Reveals | business thread

[2] Previously referenced ACI Worldwide Research

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