Complete Story


Use Layered Authentication to Secure Real-Time Payments

Digital Transactions

Instant downloads. Instant delivery. We live in an age of instant gratification. The banking industry is no exception. An overnight batch process is a lifetime, and three-day settlement feels like an eternity. With so much information available at people’s fingertips, real time is the only time. Networks are delivering on the promise of real-time payments by allowing money to be moved from one bank account to another, typically in minutes when both the sender and the recipient are enrolled in the service.

While speed and ease-of-use have made these technologies popular with consumers, financial institutions should balance their potential with the need for new approaches to security to reduce the risk of fraud, without adding unnecessary friction to the consumer experience.

Not All Payments Are the Same

When you use a check to pay someone, you share your routing/transit number, your account number, your home address, and your personalized signature. That’s a lot of personal financial information to share, even with your friends.


Printer-Friendly Version