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The Importance of Real-Time Payments

By Iñigo Rumayor - Arcus Financial Intelligence


By Inigo Rumayor Belausteguigoitia | Co-Founder & CRO - Tue, 02/08/2022 - 11:03

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There is a challenge to direct efforts toward a greater use of digital payments, which provides benefits for companies and end users and has a decisive impact on financial inclusion. Being able to send and receive payments in real time has accelerated the use of SPEI in Mexico, and this will only continue to grow in the future. At Arcus, we couldn't be prouder to be a part of this network.

SPEI, Mexico's real-time electronic funds transfer system owned and operated by Banco de México, Mexico’s central bank, was launched in 2004 to facilitate P2P, C2B and B2B transfers. SPEI’s participants can transfer Mexican pesos through different channels, including online banking, mobile banking, and bank branches, and they can do this by own account and on behalf of their clients, in near real time, 24 hours a day, every day of the year.

According to El Economista, in 2020, the volume of payments under MX$8,000 (US$390) through SPEI increased by 90.2 percent. In 12 months, 855 million operations were carried out for this amount and the SPEI granted 99 percent efficiency.

Benefits and Importance of Real-Time Payments

Real-time payments offer many benefits in terms of speed, convenience, added value and financial progress, and I believe that the time has come in Mexico, when sending or receiving money across this system is as fast and even more convenient than cash. Moreover, real-time payments are an incredible incentive for the general population to become banked, since it's as easy as sending or receiving instant payments from their smartphone.

And while the benefits for the end user are many, the benefits for businesses are also growing.

In e-commerce for example, online companies eliminate the risk of not getting paid as the release of goods and services is synchronized with the payments.

Implementing real-time payments can help with faster processing, immediate settlement, making transactions more efficient for businesses, and driving revenue. It ultimately helps companies keep up with the competition.

In my opinion, it really comes down to the SPEI being the cheaper and more practical option than other payment methods. Add in the fact that it helps increase the use of digital payments and serves as an incentive to bank the underbanked and there is not much more you can ask for.

For any business/retailer/biller who sends or receives payments as part of their product or service offering, implementing any-to-any payments helps increase their reach, operational efficiency, and the added value for their end user.

About Arcus

At Arcus, we pride ourselves on improving people’s financial health by helping companies empower their consumers, giving them a better way to manage their payments. We are proud to be the infrastructure that is helping so many businesses adopt technology and implement solutions that will radically change their end user’s experience.

Late last year, we announced that we are now direct participants of the Interbank Electronic Payment System of Mexico (SPEI), which means that our payments platform, together with SPEI, allows us to provide the service of sending and receiving money in a reliable and secure way, with real-time operations and throughout Mexican territory.

Mexico needs a revolution in access to SPEI, and through the new payment platform that we have built, we make it easier for our clients to operate in SPEI with an ease never seen before in the market.

Visit www.arcusfi.com for more


Photo by:   Iñigo Rumayor

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