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RTP funds are irrevocable, so the receiver doesn’t have to worry non-sufficient funds or a sender trying to cancel the transaction and demand the money back. The cost for this varies by bank, but the network charges 4.5 The cost for this varies by bank, but the network charges 4.5
The cost of upgrading systems alone is huge, not to mention the added technical challenge of ensuring interoperability between different PSPs and banks across borders. It is designed to prevent major outages, like the devastating CrowdStrike software update last summer, from crippling banking, payment, and investment services.
At the same time, the sector is anticipated to witness a massive wave of consolidation as attractive capital continues to lack, forcing many firms to seek outcomes such as acquisition or closure, partners and advisors of venture capital (VC) firm Lightspeed Venture Partners predict.
The city-state hosts some of ASEAN’s biggest and largest fintech companies; it continuously attracts the lion’s share of fintech funding across the region; and its well-established banking sector has shown commitment to adopting and integrating emerging technologies.
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