The Future of Open Banking and Real-Time Payments

In this discussion, Philip Share from Payment Spayce explores how open banking and real-time payments are converging to reshape the way money moves between accounts. He explains how secure API integrations enable instant, account-to-account transfers that bypass traditional clearing houses, creating a more transparent environment where data and value move together rather than on separate timelines.

Share also covers the operational gains that real-time rails deliver, from settlement times falling from days to seconds and richer payment data through ISO 20022, to stronger fraud detection and higher straight-through processing. For merchants, he notes, interoperable payment systems simplify fragmented checkout experiences, improve conversion and provide immediate access to funds, underlining a wider shift in the industry away from prioritising speed alone and toward the intelligence that open-banking data unlocks.