Posted November 10, 2020
There has been a seismic shift in consumer and business behavior that has accelerated the pace of digital adoption by many years. In a world where businesses expect speed, precision, transparency, certainty and always-on capabilities, real-time payments offer the control, finality, cost-efficiency, convenience and transparency that puts them in the financial driver’s seat.
There’s been a lot of discussion around what’s meant by real-time payments, usually centered around when funds are available and when settlement takes place.
We define real-time payments as:
Cleared to the payee’s account in seconds, rather than minutes/hours/days
Able to carry more data in the payments
Confirmed with the sender and recipient immediately
So how can real-time payments benefit your organization?