How RTP Can Modernize the Payments Ecosystem

Real-time Payments represent the modernization of bank account-based payments. In comparison with legacy bank transfers, RTP brings additional benefits such as enhanced messaging and data capabilities, increased security and availability of funds in real-time.

The 2017 launch of RTP by The Clearing House in the United States is billed as the first new payment system in the country in more than four decades.

Real-time Payment systems offer significant benefits to all stakeholders in the financial ecosystem.

Let us explore the impact of the real-time payments system in the United States and the benefits and opportunities offered by RTP for banks. 

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Market Factors Driving Change in the Payments Ecosystem

RTP robustly addresses the needs and expectations of modern commerce

Real-time Payments offer speed of payment, extensive data exchange, real-time notification and messaging and 24x7x365 availability. This can help improve cash flow, operational efficiencies, data transparency, accuracy and customer engagement.

Benefits of Real-time Payments

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Benefits of Real-time Payments

RTP lays the foundation for a safer, smarter and faster digital payment system

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Salient Features of Real-time Payments

With a strong emphasis on data and messaging functionality, the RTP system in the USA is billed as the most advanced in the world.

The true value of RTP lies in its robust data and messaging capabilities that exceed earlier payment methods. By coupling data with transactions, there is an abundance of data and insights. The data and insights can help to significantly improve business performance, enhance operational efficiencies, monitor fraud and manage risks.

Benefits of Real-time Payments for Banks

According to the Ovum 2018 Global Payments Insight Survey, 85% of banks globally believe that real-time payments are the foundation for growth and new product enhancements.

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Benefits of Real-time Payments for Banks

The Last Word

The adoption of Real-time Payments will significantly disrupt the payments ecosystem and bring to the forefront new financial innovation.  Consumer and business payment preferences are steadily shifting from cheques to account-based payments and Real-time Payments will prove to be a key driver in this change.

RTP will greatly impact payments modernization. Reports from NACHA, 2017 show that The Automated Clearing House’s projected share of B2B payments in 2020 will be 45% – a significant increase from 32% in 2016.

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