Asia’s real-time payments surge, but gaps persist: StanChart

[SINGAPORE] Asia is leading the world in real-time and digital payments, but regulatory fragmentation and interoperability challenges are preventing businesses from fully capitalising on this growth, said a senior Standard Chartered (StanChart) executive.

Michael Spiegel, StanChart’s global head of transaction banking, told The Business Times: “While there has been significant progress over the past few years, specific gaps include challenges related to identity verification, fraud-prevention measures, and consumer protection across different jurisdictions.”

For instance, a common challenge is reconciling payment data, where mandatory fields needed in one country’s transactions differ from those in another.