Real-Time Payments (RTP) represent a transformative shift in the way money is transferred between accounts. Unlike traditional methods, which may involve delays or batch processing, RTP enables the immediate transfer of funds between accounts, 24/7, 365 days a year. This immediate nature of transfer means that the funds are available for the recipient to use instantly.
Developed by The Clearing House, a banking association and payments company, the RTP network in the United States is designed to support not only the instant transfer of payments but also the real-time transmission of invoice details and confirmation receipts, thus enhancing transparency and efficiency in financial transactions.