Today, many financial institutions realize the benefits of real-time payments. Several banks, credit unions, and financial technology companies in the USA are joining the RTP® network or partnering with institutions in the network to offer real-time payments, including Forwardly.
|Did you know? The last time USA banks adopted an electronic payment rail on a large scale was during the establishment of the Automated Clearing House network – or the ACH network – back in the 1970s, a payment rail still used widely today in the USA. After its launch, it took nearly 7 – 10 years until the ACH network took off due to the groundwork required.
Real-time payment has been surging in popularity, and up to 72% of the world has a live real-time payment infrastructure or is planning to launch one soon.
In the United States, to see if your bank supports real-time payments, review the list and check if your financial institution is an RTP® Network Participating Financial Institution. If your bank isn't on the list, then we can still transfer money through our Standard payment method, which is not in real-time but is still faster than traditional methods like ACH or checks. We can also only connect with banks that use Plaid Auth and support Plaid's Identity, Balance, and Transactions services.
|Tip: Are you ready to start receiving money and making business payments faster than ever before? Sign up for Forwardly today!