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How the US is implementing real-time payments

September 11, 2022


Quick and accurate payments are critical in the modern economy for both consumers and businesses. Both groups relied largely on legacy systems such as wire transfers and paper checks until recently, and these came with a barrel of challenges, including delays, inaccurate totals and tedious manual processes for accounts payable (AP) departments.

The launch of The Clearing House’s (TCH’s) RTP® network was heralded as a game-changer in the payments world — and for many businesses and individuals, this proved to be the case — but five years since its introduction, it is still common only among a minority of businesses. This state of affairs stands in stark contrast with much of the rest of the world, where real-time payments have become table stakes.

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