In the market, there is some confusion between real-time payments and faster payments. Let’s begin here by clarifying the difference. Real-time payments are under the category of faster payments. However not all faster payments are necessarily real-time.
Real-time payments refer to payment clearing and settlement systems that share a few characteristics. First, they are real-time, initiating, clearing, and settling in a matter of seconds. Second, real-time payment networks are 24x7x365, meaning they are always online and available. Payment channels that don’t match these categories, but provide a greater advantage in respect to speed compared to heritage or legacy payment systems, are faster payments.
Download this article to learn about the several ways your organization can connect to RTP.
