Stakeholders have noted the importance of having access to more than one real-time payment service for back-up purposes in order to provide resiliency through redundancy. In fact, many banks already take advantage of having connections to multiple operators today in check, ACH, and wire services.
I refer to IT-related risks in particular. If we rely on computers and digitalised processes, we have to make sure that they are reliable and trustworthy. Sectorwide reputation and functionality are at stake. Nowadays, a customer’s personal payment information is stored not only at the bank but at a multitude of service providers and retailers as well.