Tech giant IBM has unveiled a new product, dubbed Financial Transaction Manager (FTM), to enable commercial banks launch new services for customers using real-time payments.

Banks can leverage this service to take advantage from the new immediate payments which are being developed across the US, Europe and Asia.

Once the new payment networks are fully activated, consumer payments will be cleared within a matter of seconds and can speed up access to funds such as payroll and insurance claims reimbursements, IBM said in its press statement.

The platform will support new global payment schemes including The Clearing House (TCH) in the US and the Pan-European Instant Payment scheme in Europe.

When integrated with IBM Safer Payments, Financial Transaction Manager (FTM) for Immediate Payments, will boost accuracy of fraud analysis in immediate transactions by using cognitive computing to validate payment transactions and detect fraud in real time, the technology vendor added.  

In addition, IBM also announced a Sandbox built on IBM Bluemix for rapid development of open banking APIs to support the European PSD2 standard.

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The PSD2 standard requires banks operating in Europe to offer wider access to their customer data and payment processing systems to registered third-party providers.

IBM banking and financial services global industry general manager Likhit Wagle said: "For banks to stay relevant they must be prepared to engage in real-time where and when it's convenient for the customer, on their device of choice, and using the latest and most accessible systems.

"With today's announcement, IBM is helping financial institutions prepare for immediate payments and innovate with the latest APIs and mobile services while protecting the security and privacy of sensitive customer data."