Consumers, businesses and governments are seeing faster payments as a path to greater convenience and financial security, and this growing demand is spurring payments services providers (PSPs) to meet this need in a swift, secure manner.
That consideration includes assessing the potential benefits and risks that come with the two fundamental types of bank payments: push and pull transactions.
Push, or credit, transactions see payers instructing their banks to send money from their accounts to recipients’ accounts, whereas pull, or debit, transactions have recipients’ banks extract money from payers’ accounts. These methods have subtle distinctions as well as different advantages, risks use cases.