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They also let businesses pay invoices in a matter of minutes, removing the necessity for credit and providing more efficient cash management. They also support the growth of new business models. Despite these advantages, real-time payments aren't yet widely available. RTP is only available in 72% of countries, but this number is expected to grow quickly as consumers demand more efficient and speedier services. These new technologies will attract Gen Z and the millennials who are more comfortable using technology. RTP overcomes the limitations of wire transfers and ACH, which can take up to a day to transfer funds (although same-day ACH is now possible). In addition to speeding bank transfers, real time payments eliminate the risk of transactions by making funds irrevocable. In addition, they allow for a deeper understanding of each transaction. Additionally, they permit greater transparency in banking processes. This is a major concern for 30% of PYMNTS respondents. Additionally, they can reduce costs by allowing more efficient financial management and forecasting. They can even increase liquidity and reduce the requirement for credit, which is an important benefit for smaller businesses who are struggling with slow ACH payments.
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