New survey data reveals the business drivers behind the largest shift in payments in a generation
28 May 2025
The report reveals that awareness of real-time payments is remarkably high among corporate decision-makers, with 99% acknowledging the need to transition, but despite this, only 47% are preparing to take the next step. The research involved qualitative interviews with senior business leaders and a quantitative survey of 113 decision-makers from companies with annual revenues exceeding $150m across various industries.
Jeff Byrne, Westpac's General Manager, Global Transaction Services said organisations identified value as the primary driver to real-time payments including improved cash flow, reduced risk, and enhanced operational efficiency.
"Businesses that have already made the switch are well-positioned to gain a "first-mover" advantage, meeting customer expectations and setting new industry standards," said Mr Byrne.
Despite the clear benefits, the research highlights several barriers to adoption. Only 50% of leaders deem real-time payments as "very important," suggesting competition from other business priorities. Barriers include data and payment security, technical integration, and the perception that there is no immediate requirement to move until necessary.
The rate of change needed in the next five years is unprecedented compared to the changes in payments over the last 50 years. Historically, the payments landscape has evolved gradually, with significant milestones such as the introduction of credit cards (1950s), electronic funds transfer (1970s), and online banking (1990s). However, the shift to real-time payments represents a fundamental transformation that requires rapid adoption and integration of new technologies.
"The reality is the sun is setting on old payment methods like bulk electronic clearing systems and cheques. But the real-time shift isn't just about updating payment systems. It is a fundamental shift in the foundations of how businesses interact with their customers, and the time to adopt change is now," said Mr Byrne.
The study found that 44% of leaders say their organisation is transitioning to real-time payments, while 34% believe their competitors are at the same level. A significant 67% of decision-makers felt that finance technology providers would shoulder the responsibility for assistance. Additionally, 65% of organisations expect real-time payments will have a beneficial impact on their competitive position in the market.
"The transition to real-time payments requires businesses to modernise their payment systems, integrate new technologies, and adopt new operational practices. This rapid transformation is driven by the need to meet customer expectations for instant, seamless transactions and to stay competitive in an increasingly fast-paced 'always on', customer-centric economy," said Mr Byrne.
"We know our customers are at different stages of the transition, and they are seeking support from us, so Westpac is providing expert guidance. This includes training, guides, real-time maturity assessments, technical roadmaps and implementation support, with a tailored approach for each customer to make the move to real-time payments safer, easier and ahead of the deadline of June 2030."
Resilient real-time payments technology
"Westpac is committed to ensuring the highest level of service availability through resilient platform engineering. Resilience is all about ensuring that our clients can rely on us when the pressure is on them - think flood payments to vulnerable citizens by governments, major contract settlements, or dividends," said Mr Byrne.
"We don't just focus on how things work when all is going well, we design our platforms assuming parts of the system can break, simplifying system designs, and proactively intervening before issues arise. By continuously investing in critical capabilities, we strengthen resilience, reliability, and operational excellence for our customers."
