With the growing proliferation of real-time payments networks around the world, businesses are increasingly aware of RTP’s advantages over other B2B and B2C payment forms, for a range of payments categories. As more businesses start to use RTP, new use cases will emerge, further driving RTP volume growth.
For more details on these use cases—and on incorporating real-time payments into your business payments systems—please contact your PNC Treasury Management Officer.
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Strong Growth Expected for Global Real-Time Payments
56 networks worldwide by the end of 2020
Global real-time payments market to grow at 30.6% CAGR between 2018 and 2025
Business Perceive a Range of Benefits from Real-Time Payments...
Most popular benefits include:
Instant funds availability (70%)
Improved cash flow (59%)
…In Particular for Specific Types of Transactions
Payment categories that benefit most from faster payments:
Last-minute bill pay (57%)
Emergency payroll (38%)
Last-minute accounts payable (24%)
What are some appropriate use cases for RTP?
PNC recommends considering RTP for these common functions:
Just-in-time or emergency payments
Bill presentment and payment collection
Transfers to reduce outstanding credit line
Payment on delivery for route collections
Rebates, refunds and other consumer payments
Requests for Payments through a secure digital channel
Employee disbursements (e.g., expenses, commissions, tips)
Emergency payroll disbursement