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RTP is only available in 72 percent of countries, however the number will increase rapidly as consumers want more convenient and faster services. These innovations will be appealing to Gen Z and the millennials who are more comfortable with technology. RTP overcomes the limitations of ACH/Wire Transfers which can take up to an entire 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 and provide more context to each transaction. They also allow for more transparency in the banking process, a top concern for a third of PYMNTS survey respondents. Furthermore, they reduce costs by allowing for more efficient financial management and forecasting. They can boost liquidity and decrease the need for credit which is a huge benefit for small businesses who are struggling with slow ACH payment.
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