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.
|Tip: Are you ready to start receiving money and making payments in real time? Sign up for Forwardly today!|