I've used a video from Visa Europe to illustrate what real-time payments processing means in practice for a while now, and finally tracked it down on Brightcove:
It's a good video, tracking the journey of a payment from a Swedish bank customer using a mobile contactless phone in China.
The payment travels through 32,000 of networking in 1.4 seconds, including all of the security checks and gateways.
That was about a year ago.
Today, it's under a second.,
Visao processes about 35 million such payments daily with a 99.999% success rate.
I'm sure MasterCard do the same, and it just goes to show what today's global technologies and interoperability enables.
Love it.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...