Real Time Payments
Real Time Payments (RTP) is a payment processing platform that enables instant, 24/7 fund transfers between bank accounts, typically settling within seconds. It provides features like immediate confirmation, rich data exchange, and enhanced security, revolutionizing traditional batch-based systems like ACH. This technology is widely used for peer-to-peer payments, business-to-business transactions, and emergency disbursements.
Developers should learn Real Time Payments to build applications requiring instant financial transactions, such as mobile banking apps, e-commerce platforms, and gig economy services. It's essential for reducing fraud risks, improving cash flow management, and meeting consumer demand for speed in digital payments, especially in sectors like retail, healthcare, and insurance.