Report Code: A14755 | Pages: NA | Mar 2023 | 1192 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Real-time Gross Settlement Market
Request Now !Real-time gross settlement (RTGS) refers to a fund transfer system that enables instant transfer of money and provides securities for funds transferred. RTGS also refers to the continuous process of settling payments on an individual order basis without netting debits and credits across a central bank's books. Furthermore, real-time gross settlement payments are conclusive and irrevocable. In the simplest terms, the transaction settles in the receiving bank as soon as it is transferred from the sending bank. Furthermore, gross settlement means that transactions are handled and settled individually, rather than being bunched or grouped together. This serves as the foundation for a real-time gross settlement system and is expected to boost the real-time gross settlement market in the near future.
The Real-Time Gross Settlement market is segmented on the basis of Type, End User, and Region. Based on type, the market is divided into Inter-Bank Transaction and Customer Transaction. In terms of End User, the market is categorized into Individual and Enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 scenario analysis
During the COVID-19 outbreak, automation technology was adopted in a variety of end-user industries. Businesses are looking to increase their investments offshore as they prepare for a post-crisis ecosystem. Online banking is increasingly to be one of the biggest beneficiaries of post-COVID changes in the workplace.
Banking firms can anticipate deadlines and deliverables for each activity due to digitalization, and it can be notified if anything is out of process. The COVID-19 crisis has increased the number of companies with broken processes, where it necessitates the involvement of various organizational departments, as well as a great deal of coordination and interaction with a variety of internal and external data systems.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rise in the adoption of banking services, adoption of cloud-based solutions, and customers’ demand for quicker payment settlements are driving the growth of the market. However, high deployment costs and increasing market competition are expected to hamper the growth of the market. Contrarily, rise in international trade can be seen as an opportunity for the market.
The real-time grosssettlement markettrends are as follows:
Rise in adoption of banking services
The rising use of banking services in day-to-day life, combined with the increasing use of advanced developments in financial services such as online payments, use of smartphones, and the availability of advanced services are driving the demand for real-time gross settlement payment systems. Users have built trust among consumers in recent years by adding an additional layer of verification to payment portals to secure information.
Furthermore, as the demand for online payments has grown, the need for faster payment portals has also increased. In addition, real-time gross settlement allows for payment access six days a week. Moreover, companies across industries are adopting an online payment culture, which is expected to supplement the demand for real-time gross settlement portals. Therefore, the demand for real-time gross settlement across the world is expected to boost the growth of the market during the next few years.
High deployment cost
Cost is an important consideration when selecting advanced technology such as real-time gross settlement, UPI, debit cards, and online banking. High security for these applications is typically expensive. The cost of incorporating or providing access to an online payment gateway application is usually very expensive. The high cost of real-time gross settlement solution components, as well as the high cost of incorporating payment gateways into the online payment market, is hampering market growth. In addition, the installation of high security to protect the interests of others is a significant cost component. These are the major reasons, which limit the demand for this market. Therefore, high implementation costs are expected to hinder the market growth of the real-time gross settlement market during the forecast period.
Key benefits of the report:
Questions answered in the real-time gross settlement market research report:Â Â Â
Real-Time Gross Settlement Market Report Highlights
Aspects | Details |
---|---|
By Type |
|
By End User |
|
By Region |
|
Key Market Players | Royal Bank of Canada, Charles Schwab & Co, Citigroup Inc., UBS, Morgan,, Stanley, Bank of America Corporation., JPMorgan Chase & Co, Goldman Sachs, Julius Baer Group, CREDIT SUISSE GROUP. |
Loading Table Of Content...
Start reading.
This Report and over 19,644+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers