Real-Time Payments (RTP) adoption is on the rise-- you don’t want your financial institution to fall short of its competitors in today’s progressive, digital age. Financial institutions are striving to keep up with the latest developments in technology and shifting customer demand. In particular, peer-to-peer (P2P) payment services are gaining popularity among customers with the growing need for faster payments to process in seconds/minutes instead of hours/days.
Is your financial institution utilizing real-time payments technology?
Popular P2P services such as Venmo and Zelle set the stage for real-time benefits, and it is crucial for banks to model this function to meet the needs of customers and gain a competitive edge in the banking industry.
Did you know 50% of corporate transactions are made with checks?
Making payments with paper checks is often inefficient, expensive and prone to error. If your organization is still making paper-based payments, maybe it’s time to consider the benefits of RTP strategies:
- Streamlines payments by replacing cash, checks, wire and ACH
- Fixes the lack of transparency in financial transactions
- Decreases transaction processing time
- Provides immediate and automated payment status updates
Bottomline Technologies Vice President of Product Management and Strategic Solutions, Jessica Cheney, said in a recent interview with PYMNTS.com, “[RTP] fits in with the fundamental change we are seeing with banks, where they are trying to transition toward systems of engagement."
The benefits of RTP are not only of value to customers, but also work as a B2B problem solver for companies of all sizes. With this in mind, RTP can shape the future of payments in the banking industry.
Cheney also added, “The formerly transactional mindset of banks serving corporate clients has been shifting toward building and cementing relationships, and increasing their trusted, strategic partner status. RTP isn’t just another payment type a bank can offer."
Making B2B payments doesn’t have to be time-consuming and complex, endless valuable outcomes stem from integrating RTP strategies into your organization.
Read more on RTP advantages in PYMNTS interview with Bottomline Technologies’ Vice President of Product Management and Strategic Solutions Jessica Cheney in “P2P Payments Set The Stage For B2B RTP.”
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