What are real-time payments?
Real-time payments are transactions which are processed and settled instantly, allowing funds to move between accounts within seconds at any time.
How do real-time payments differ from traditional payments?
Traditional payments may take hours or days to settle, while real-time payments provide immediate confirmation and fund availability.
Where are real-time payments used?
They are used for peer to peer transfers, bill payments, payroll, and business transactions requiring immediate settlement.
What are benefits of real-time payments?
They improve cash flow, reduce settlement delays, and enhance customer experience.
What challenges do real-time payments present?
They require strong fraud controls and always on infrastructure, as transactions cannot be easily reversed once completed.