The report also finds that the increase in cross-border transactions is driving the need for real-time payments, as corporations looking to expand into new regions require more efficient and accessible methods.

Key findings of the survey include:

92% of respondents agreed that payments technology will be a significant to somewhat significant area of investment for their organization over the next 24-36 months.

77% of respondents agreed that real-time payments can help provide a better customer experience, with 54% agreeing that it is better for urgent past-due payments, and 32% stating that real-time payments make cash flow easier and/or safer.

55% of businesses in Asia have reported that they have already moved or would change financial services providers to have access to real-time payments.

80% of respondents anticipate some increase to a significant increase in the volume of cross-border payments being made over the next 12-24 months.

"The study reinforces that the adoption of real-time payment capabilities will continue to increase over the next few years as consumers expect more convenience and accuracy," said Carl Slabicki, Co-Head of Global Payments, Treasury Services at BNY Mellon. "As more use cases emerge, businesses will need to be more proactive in upgrading their payment rails and working with providers that offer the latest solutions that meet the evolving payment needs of their clients."

All major real-time payment rails across North America, Europe and Asia-Pacific have experienced growth in the last year, including the recent launch of the FedNow service in the U.S., which operates 24/7/365 to clear and settle payments instantly. According to the report, this momentum will not slow down in the next 24-36 months.

The report attributes this growth to the ever-expanding list of use cases and benefits that real-time payment capabilities bring, including better cash positioning and reporting, improved working capital, operational efficiencies, greater customer loyalty, strong business partnerships, and more satisfied employees.

"While it is clear that the adoption and use cases are expanding, there remains room for further advocacy and education to drive the shift towards real-time payments," says Erika Baumann, Director, Datos Insights Commercial Banking & Payments Practice "This work will be critical over the next few years, as those that fail to act risk losing out on significant market share."

The report is based on an online survey of 1,037 employees of midsize and large corporations in 11 North American, European, and Asian Pacific countries.