On-demand payments are a key use case for instant payments. They fundamentally change how organizations process payments. Traditionally, companies collect payment orders, create batch files, and release those files to a payments provider using an established process and according to a fixed schedule. In contrast, on-demand payments can be individually initiated, triggered by an event or request. This enables the payment to be embedded into an end-user’s experience.
In this article, Thomas Swenson and Katie Hoskins from Citi’s Domestic and Cross-Border Payments Product Commercialization team explain out how clients can benefit, what type of use cases are best suited for on-demand payments and how this can deliver tangible value to businesses.