What are RTP Payments?

Real-time payments (RTP) are electronic payments used by banks to send funds to one another. Funds sent via RTP settle instantly and are accessible 365 days a year, including bank holidays, and weekends, and can be sent/received at anytime (e.g. outside traditional bank hours). Startups that use RTP payments typically do so to satisfy last-minute payroll, utility bill payments, or insurance premiums, as they reduce transaction risk. In addition to banks, payment facilitators such as Visa and Mastercard have recently started to adopt the RTP network.