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REAL-TIME PAYMENTS
THE NOVO WAY
With NovoPayment, real-time payments are simple, seamless, and supported
by the breadth of our extensive BaaS suite.
Real-Time Payments (RTP) are payments made through a real-time payment network, which settle within thirty minutes, all hours of the day, every day of the week, and any day of the year (including holidays).
RTP are unique not only in speed, but through the utilization of the ISO 20022 messaging standard, they also offers end-to-end communication between payer and payee. Unlike other payment rail, real-time payments are final and largely irrefutable.
There are many real-time payment networks globally. The biggest players in the US are TCH RTP Network, Visa Direct, and Mastercard Send.
WHY REAL-TIME PAYMENTS
81% of respondents in Citizens Commercial Banking’s Real-Time Payments Outlook (2020) expect RTP to dramatically transform the way business is done.
Source: Citizens Bank
The Global Real-Time Payments Market size is expected to reach $62.5 billion by 2026, rising at a market growth of 32.3% CAGR during the forecast period
Source: KBV Research
Take-up of RTP is expected to lead to a reduction in the daily float value of between USD 5,638m to USD 15,316m
Source: Deloitte
REAL-TIME PAYMENTS:
THE CATALYST FOR
FINANCIAL INCLUSION
Real-time payments (RTP) are changing the way we transact in today’s digital economy. While the benefits are wide-reaching, real-time payments can help catalyze financial inclusion on a global scale.
READY TO EXPLORE?
PERSPECTIVES
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Learn more about how RTP works and how Novopayment can enable your company’s payment innovation.