Performance management and analytics company IR, has launched a new real-time payments service for businesses to modernise their payment process and provide increased financial transparency.
IR aims to reduce the complexity of payments for businesses by offering detailed tracking of payment flows and monitors abnormal patterns instantly.
The tech company will then utilise its analytics software to identify data patterns, creating reports, whether it be because of systems slowing down or improving service levels.
“Speed, choice and efficiency are key benefits driving a major change in the global real-time payment ecosystem,” said David Guiver, Head of Transact Products at IR.
“The product ensures better management of finances minimising fines to the extent possible and uncovers emerging trends informing better business decisions.”
IR’s new foray into the payments sector comes with the significant growth in digital payments as a result of the COVID-19 pandemic.
According to IR, ‘a surge of 41% increase in real-time payments was observed during the pandemic’. IR is looking to help businesses and governments transition into this next step in the payments landscape by offering a simple solution to online payments.
Guiver continued: “At IR, we fully understand that monitoring and analysing the resulting data volumes can be a hurdle to overcome in this digital transformation journey.
“Our Real-Time Payments product ensures that any outages or slowdowns are identified and resolved quickly to meet Service Level Agreements (SLAs).”
Expert Analysis: With society looking to move out of a post-pandemic world, digital and online payments are considered not to be a by-product of the pandemic, but the next step in people’s behavioural actions towards making payments. According to UKfinance.org, over half of 18-34 year olds in the UK are using a method of a digital payment platform.
