Real-Time Low-value payments provide consumers and businesses with the ability to conveniently send and receive immediate fund transfers directly from their accounts at FIs, anytime 24/7/365. Financial institutions can leverage a variety of features – enhanced speed, security, and messaging capabilities – to create unique offerings for their retail and corporate customers. RTP also provides a backbone on which new business models can be redefined.
Money and the idea of its exchange through payments have evolved a lot from the time of its inception. From goods to grain, from metal coins to paper, from bank accounts to e-wallets, money has taken various shapes, sizes, and forms. Payments evolved from a barter system (exchange of goods for grains) to the token system (exchange of coins and cash on paper) to cash pooling (bank accounts and deposits) to cashless payments (credit cards, checks, e-wallets). Over the last decade or so, payment technologies have grown at a dizzying pace.
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