The Bank of England's problems with its real time payment system crashing did not help matters.
Riverstone entered into an agreement last year with Experian Rent, to turn over real time payment history on all of their residents to be compiled into a national database.
For Ashley Dowson chairman of Sepa Consultancy in the UK there is a potential for an even greater threat as financial institutions are experimenting with new technologies such as crypto currencies or real-time payments, which makes them more vulnerable.
To support real-time payments, the protocol has to be lightweight and efficient.
Today, 18 countries has implemented real-time payments, with another 18-30 underway.
However, in a world where physical goods can be delivered within the same day, expectations for real-time payments are rising.
[We felt] it was the best positioned and most effective technology offering around real-time payments and fraud prevention," he said.
In addition to the incumbent-driven journey toward instant payment processing, blockchain technology provides multiple possibilities for real-time payments through the distributed ledger as well as the possibility to create smart contracts.
